Business India

RBI Repo Rate:Hindustan copper tumbled nearly 8% on Wednesday

RBI Repo Rate:Hindustan copper tumbled nearly 8% on Wednesday
Written by Ashish Sharma

Before much awaited RBI rate cut , Hindustan copper tumbled nearly 8% to Rs 65.25 at BSE in the morning trade after the government announced to 37 million shares of Hindustan copper at a floor price of Rs 64.75. The floor price is at a discount of 8.35% over Tuesday’s closing price of Rs 70.65 on the BSE.

At current government holds 82.88% stake in Hindustan Copper and the stake sale with green shoe option would definitely help the government meet the minimum public shareholding norm of market regulator Sebi.The current market value of the company is Rs 6536.68 crore. At 11:54 am; the stock was trading 7.2% lower at Rs 65.55 as it opened at 65.75 with day’s high of 65.85 and day’s low of 65.25.

Today India’s leading index BSE and NIFTY opened flat on as Dalal Street is expecting a minimum of a quarter-percentage point rate cut by the Reserve Bank of India on 2nd August.On the other hand, Dollar continued its downward journey and trading around 92.91.Crude prices fell nearly 1% on Wednesday after API says US 1.8 million oil stocks added in the last week. Some weakness is seen Silver and it fell nearly 0.50% and trading at 38280 with days’ high of 38342 and low of 38200 on Wednesday on profit booking, while gold prices are up in in the morning and trading 82 points up at 28486 with day’s high of 28509 and low of 28480.

The metal market opened flat on Wednesday after profit booking by traders.Zinc opened at 177.50 and currently trading 176.90 with days low 176.60 while copper trading at close to day’s low 405.10 and day’s high of 407.30.

About the author

Ashish Sharma

Ashish is a techie who is a finance and stocks hobbyist. He loves to contribute and create awareness by writing on business and finance