Buy Multibagger Miniratna PSU After MIC Production Hits 5-Yrs High, TP Rs 385: Axis Securities

Leading brokerage firm Axis Securities appears bullish on Hindustan Copper shares. The analyst has recommended traders to buy, hold and accumulate Hindustan Copper shares with an expected upside of Rs 355-385. Current market price of Hindustan Copper share on BSE is Rs 362.25 apiece with intraday gain of 9.28%. The company's market capitalisation is Rs 35,030.45 crore. Hindustan Copper shares have already given multibagger returns in last 6-months only with surge of 143%. Check more details below:

Axis Securities Recommends Buy Hindustan Copper Shares: Rajesh Palviya of Axis Securities said, with robust upmove of 16% during the last week, Hindustan Copper has decisively broken out previous three to four months consolidation range of Rs 310-240 on a closing basis indicating positive bias. Hindustan Copper has also confirmed a flag formation - continuation pattern breakout at Rs 307 highlighting continuation of previous uptrend. Share of Hindustan Copper is placed above its 20, 50, 100 and 200-day SMA (simple moving average) which reconfirms bullish trend.

Hindustan Copper Dividend History: Hindustan Copper announced 12 dividends since November 11, 2010. In last 12 months, Hindustan Copper announced an equity dividend of Re 0.92 per share. At the current share price of Rs 362.25, Hindustan Copper offers a dividend yield of 0.25%.

Hindustan Copper Share Performance: The 52-week high price of Hindustan Copper share on BSE is Rs 363.60 per share and 52-week low price is Rs 97.60 apiece, respectively. Hindustan Copper Ltd shares offered stunning return of 28% in last 2-weeks only, gave return of 265% in last 1-year, and zoomed 195% in last 2-years. In last 5-years, Hindustan Copper shares surged 625%.

Hindustan Copper Achieves New High: As per the regulatory filing of Hindustan Copper dated April 2, 2024, "During FY 2023-24 Hindustan Copper Ltd has achieved MIC (Metat in concentrate) production of 27,404 tonne which is highest in last five years and 11% higher than last year. Similarly, the Company has achieved ore production of 3.78 million tonne in FY 2023-24 which is highest in last four years and 13% higher than last year. Malanjkhand Copper Project at Madhya Pradesh, the flagship Unit of HCL, has achieved 18% higher ore production and 9.4% higher MIC production compared to last year."

Hindustan Copper About: Hindustan Copper Limited (HCL), a public sector undertaking, incorporated on 9th November 1967, is under the administrative control of the Ministry of Mines, Government of India . It has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Axis Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.