Hindustan Copper Ltd shares surged nearly 7% on Monday after the company reported a more than two-fold jump in net profit for the September quarter.

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The stock opened higher and rose further by 7% to hit a high of ₹160.55 per share on BSE in morning deals. Trading volume surged by nearly 3 times as 9.9 lakh shares changed hands on BSE.

Around 1.58 crore shares traded on NSE in morning session as the stock hit a high of ₹161 on the bourse. Hind Copper shares had hit a 52-week high of ₹174.75 on NSE on September 3, 2023.

The PSU stock has rallied 40% as against a 7% rise in the BSE benchmark this year.

The Central PSU under the Mines Ministry last week reported a more than two-fold jump in net profit at ₹60.7 crore for the July-September quarter as against ₹25.87 crore in the year-ago period.

Its consolidated revenue from operations surged by 79% to ₹381.40 crore in the Q2 of FY24 compared to ₹212.14 crore in the year-ago period.

Hindustan Copper’s sales volume jumped 49% in the September quarter over the last year. The company also reported a growth on the production front in Q2FY24 as the mine production increased 13% year-on-year.

Its consolidated operating profit surged by 158% to ₹82.64 crore in the September quarter compared to ₹32.03 crore in the year-ago quarter.

Hindustan Copper has manufacturing facilities for vertical copper production and is primarily engaged in the business of mining and processing of copper ore.

The stock was trading 6.24% higher at ₹159.30 on BSE at 11.12am.

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(Edited by : Shloka Badkar)