Vedanta Group’s founder Anil Agarwal said the company will look to bid for buying government’s stake in Hindustan Copper as and when the state-owned firm is put up for privatisation.
Following the development, shares of Hindustan Copper zoomed 10 per cent to Rs 132 on Wednesday, before paring some gains to trade at Rs 131.15 at 10.05 am.
BSE Sensex was trading at 59,866.10, 121.22 points or 0.22 per cent higher at the same time. The scrip had settled at Rs 119.95 on Tuesday.
“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 said when asked whether he is looking at participating in the government’s disinvestment process.
Shares of Hindustan Copper have soared about 300 per cent in the last one year. However, the copper miner is still trading about a one-third below its 52-week high of Rs 196.90.
