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State-owned <keyword id="20253046" type="General" weightage="20" keywordseo="Hindustan-Copper" source="keywords">Hindustan Copper</keyword> Ltd on Monday reported a two-fold rise in <keyword id="20123335" type="General" weightage="20" keywordseo="consolidated" source="keywords">consolidated</keyword> <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> at <keyword id="22760670" type="General" weightage="20" keywordseo="Rs-113-40-crore" source="keywords">Rs 113.40 crore</keyword> for the quarter ended June 30, 2024. The company had posted a net profit of Rs 47.28 crore in the year-ago period, Hindustan Copper said in a filing to BSE. The consolidated income of the company during the April-June period rose to Rs 500.44 crore over Rs 384.73 crore in the year-ago period, the filing said. Hindustan Copper Ltd had earlier said that it is likely to exceed its capex target of Rs 350 crore for the ongoing fiscal year. The company is continuously investing in its ongoing mine expansion plan. Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for the production and marketing of copper concentrate, copper cathodes, continuous-cast copper rods, and byproducts. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Hindustan Copper Q1 net profit rises two-fold to ₹113.40 crore

The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> appreciated 67 paise to 82.14 against the US dollar in early trade on Thursday as dollar retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 82.15 against the dollar, then gained ground to quote at 82.14, registering a rise of 67 paise over its previous close. In the previous session on Tuesday, the rupee appreciated by 7 paise to close at 82.81 against the dollar. The forex market was closed on Wednesday on account of Diwali Balipratipada. The rupee opened stronger after the dollar index fell to below 110 levels, said <keyword id="2000141" type="General" weightage="80" keywordseo="anil-kumar-bhansali" source="Orion">Anil Kumar Bhansali</keyword>, Head of <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">Treasury</keyword>, Finrex Treasury Advisors. "The probable reason for this fall is slower rate hikes from the US in November-22 despite inflation being higher," <keyword id="18551" type="General" weightage="80" keywordseo="bhansali" source="Orion">Bhansali</keyword> said. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.76. The rise in oil prices from USD 90 per barrel to USD 94 per barrel would cap the rise in the rupee as oil is a major import for the country. Oil companies and importers will use this opportunity to buy dollars at a cheaper rate, Bhansali said. Brent crude futures, the global oil benchmark, advanced 0.26 per cent to USD 95.94 per barrel. "The range for the day is expected to be 81.80 to 82.40 as most Asian currencies have also risen from their recent lows," Bhansali said. In the domestic equity market, the 30-share BSE Sensex was trading 371.83 points or 0.62 per cent higher at 59,915.79. Similarly, the broader NSE Nifty rose 113.40 points or 0.64 per cent to 17,769.75. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 247.01 crore on Tuesday, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-markets-trade-higher-amid-mixed-cues-from-global-markets/articleshow/95113241.cms">Indian markets trade higher amid mixed cues from global markets</a> <a href="https://www.businessinsider.in/tech/news/meta-ceo-mark-zuckerberg-knows-his-metaverse-pivot-isnt-popular-with-everyone-but-said-people-are-going-to-look-back-decades-from-now-and-realize-its-importance/articleshow/95108846.cms">Meta CEO Mark Zuckerberg knows his metaverse pivot isn't popular with everyone, but said 'people are going to look back decades from now' and realize its importance</a> <a href="https://www.businessinsider.in/science/environment/news/plans-to-limit-global-temperature-rise-to-1-5-deg-c-still-insufficient-un/articleshow/95110921.cms">Plans to limit global temperature rise to 1.5 deg C still insufficient: UN</a>

Rupee gains 67 paise to 82.14 against US dollar

The government's canalising agencies -- <a href="http://www.businessinsider.in/searchresult.cms?query=State+Trading+Corp+of+India">State Trading Corp of India</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MMTC+Ltd">MMTC Ltd</a>. -- gained smartly in trade on Wednesday after the Cabinet approved a plan to reimburse these companies on losses incurred during the import of pulses between 2006-2011. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Cabinet">Union Cabinet</a> has approved the proposal to reimburse Rs 113.40 crore of losses on pulses imported between 2006-2011 by the <a href="http://www.businessinsider.in/searchresult.cms?query=National+Agricultural+Cooperative+Marketing+Federation">National Agricultural Cooperative Marketing Federation</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Project+and+Equipment+Corporation">Project and Equipment Corporation</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=State+Trading+Corporation">State Trading Corporation</a> (STC) and Metals and Minerals Trading Corporation (MMTC), apart from losses incurred in the sale of pulses up to six months after closure of the scheme. This will allow public sector units to increase trading activities to cool down prices, a statement from the Cabinet said. 
 
As a consequence, STC rose 1.85 rupees, or 1.2 percent, to 160.60 rupees and MMTC jumped 2 rupees, or 4.8 percent, to 42.70 rupees. 
In order to ensure retail distribution to the consumers, MMTC will import 5000 tonnes of Tur Dal and 5000 tonnes of Urad Dal. The first consignment of imported Dal would be reaching Mumbai by 5 September 2015, the statement added.

	 
	Image credit: Indiatimes

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Hindustan Copper Q1 net profit rises two-fold to ₹113.40 crore

PTI

Rupee gains 67 paise to 82.14 against US dollar

PTI

Shares of State Trading Corp of India and MMTC Ltd are soaring

Shailendra Bhatnagar

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