Hindustan Copper rises over 8%

Hindustan Copper has been the top gainer on the BSE since the opening bell. The stock opened over 7.5% higher at Rs.38, rising up almost 8.5% to Rs.38.30.

The stock price is reacting to the Q1FY21 earnings. On a 42% (YoY) rise in consolidated net sales at Rs.431 crore, the company posted a net profit of Rs.30 crore, up 40%.

Total expenses spiked up over 44% and this led to EBITDA falling almost 7.5% at Rs.86 crore while margins slipped from 30.7% to 20%. It is the deferred tax write back of Rs.11 crore which pushed up the net profit.