Hindustan Copper rejects reports of Vedanta eyeing govt stake in company

State-owned Hindustan Copper Ltd clarified on the divestment buzz that Vedanta is looking to buy government’s stake in the company, saying the reports appear factually incorrect.

“We are not aware of any negotiations or events taking place regarding the said report. Further, no event, information, etc. that may have a bearing on price of Company’s shares in the market is pending to be disclosed to the Exchanges,” Hindustan Copper said.

On Tuesday, Hindustan Copper scrip closed flat at ₹149.25.  The stock was up for a third straight session in a row and it has added around 38.63% in last one month.

Meanwhile, Nifty Metal index, of which Hindustan Copper is a constituent, has surged around 17.39% in last one month.

The shares have gained 321.4% in last one year as compared to a 56.19% surge in Nifty and a 163.71% rise in the Nifty Metal index.

Recently, Vedanta Group chairman has expressed interest in bidding for buying the government’s stake in Hindustan Copper as and when the state-owned firm is put up for privatisation.

“Yes we are looking (at) Hindustan copper. We are doing the due diligence…The dates have not come…As soon as they announce the date, things will be much more exciting and people will start believing that the process is going on in India,” Agarwal had said earlier this month.

Hindustan Copper is a public sector enterprise of the Government of India. It has the distinction of being India’s only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.

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