Shares of Hindustan Copper Ltd surged 2% to touch a day’s high of Rs 345.85 on 3rd December. This occurred after the firm said it has signed a Memorandum of Understanding with NTPC Mining Ltd (NML) to collaborate on copper and critical minerals development on Tuesday (2nd December).

The agreement allows Hindustan Copper and NTPC Mining to jointly bid for copper and critical mineral blocks. Additionally, they will work together on exploration, mining, and processing. Both companies will also evaluate joint investments to develop and process minerals from HCL’s existing assets.

The partnership includes exploring collaboration opportunities in India and abroad across present and future copper and critical mineral projects.

Hindustan Copper Second Quarter Results

Hindustan Copper reported a strong quarter, with net profit rising 82.3% year-over-year to Rs 186 crore. This was up from Rs 102 crore last year. Revenue grew 39% to Rs 718 crore, while EBITDA jumped 86.3% to Rs 282 crore. Margins improved to 39.3% from 29.2% a year earlier.

At 12:00 PM, shares of Hindustan Copper were trading 1.08% higher at Rs 342.25 on NSE.

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