Hindustan Copper shares rose over 1% on Tuesday after brokerage firm Anand Rathi gave a ‘Buy’ recommendation. They predict the stock could rise by 20% based on technical charts.
The stock is forming a double bottom on the daily chart after a period of consolidation and correction. This pattern, along with support from the Ichimoku flat line and a fresh trend line breakout, suggests the rally might continue, according to Anand Rathi.
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They advise buying Hindustan Copper shares at ₹336 – ₹330 levels, with a stop loss of ₹299, targeting ₹390 – ₹410 in 1-3 months. This indicates a potential 20% upside from Monday’s closing price.
Hindustan Copper hit a 52-week high of ₹415.60 on May 22, 2024, and a low of ₹115.90 on July 13, 2023. The company’s market cap is around ₹33,435 crore.
About Hindustan Copper
Hindustan Copper is India’s only fully integrated copper producer, handling everything from mining to final products.
In the March 2024 quarter, Hindustan Copper reported a net profit of ₹124.75 crore, down 5.61% from the previous year’s ₹132.17 crore. Their Q4FY24 revenue rose slightly to ₹565.37 crore.
Copper prices are expected to rise due to a supply deficit, and increasing manufacturing activity in the US and China will likely boost demand, says Anand Rathi.
Hindustan Copper shares have delivered 190% returns in one year and are up over 26% year-to-date. The stock gained more than 9% in the past week. As of 11:35 am, Hindustan Copper shares were trading 1.21% higher at ₹346.30 on the BSE.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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