28-Oct-2026 08:38:04
CITI ON HINDUSTAN COPPER ; SELL | TP ₹365
• Citi remains cautious on Hindustan Copper's valuations despite strong long-term volume growth potential. • Maintains a Neutral outlook on copper prices amid weak consumption, escalating US-Iran tensions and interest rate hike concerns. • Current valuations appear to factor in spot London Metal Exchange (LME) copper prices and 100% successful execution of mining expansion plans. • Hindustan Copper is well-positioned for volume growth, with plans to expand mining capacity from 4 million tonnes to 12 million tonnes by FY30. • Kendadih and Rakha mines are resuming production after nearly two decades of closure. • Citi maintains its SELL rating, citing demanding valuations and execution risks despite the company's ambitious capacity expansion plans.
HINDUSTAN COPPER LTD