Shares of Hindustan Copper were trading over 3% higher on Tuesday, January 27, after the state-owned miner informed exchanges that it has been declared the ‘Preferred Bidder’ for a new copper block in Madhya Pradesh.
In a regulatory filing made over the weekend, the company said it participated in the Madhya Pradesh government’s e-auction for the grant of a mining lease and composite licence for the Baghwari–Khirkhori copper and associated mineral block. The forward e-auction was successfully concluded on January 22, with Hindustan Copper emerging as the frontrunner after submitting the highest final price offer.
The development is seen as a positive trigger for the stock, as the acquisition supports the company’s long-term strategy of securing additional raw material resources. Expanding its mineral base is considered critical for Hindustan Copper, especially at a time when global demand for copper continues to rise, driven by sectors such as renewable energy, electric vehicles, power transmission and infrastructure.
Market participants also view the bidding win as a step toward strengthening the company’s domestic mining portfolio, potentially aiding future production growth and reducing dependence on external sources.
Hindustan Copper shares were trading at around Rs 552 on the NSE in early trade, reflecting investor optimism following the announcement.
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