Government passes Mines and Minerals Amendment Bill; Hindustan Copper up over 3%; NMDC down
On August 2, the Mines and Minerals (Development and Regulation) Amendment Bill was passed in the Rajya Sabha after getting approval from the Lok Sabha.
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NMDC and Hindustan Copper shares traded mixed on Thursday, a day after the Rajya Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill.
At around 1:15 pm, Hindustan Copper's stock traded 2.52 per cent higher at Rs 150.55 apiece on BSE. The market capitalisation of the company stood at Rs 14,558.55 crore.
On the other hand, shares of NMDC quoted Rs 113.1 apiece, down 0.62 per cent. The market capitalisation of the company stood at Rs 33,145.15 crore, and the stock was trading lower for the third consecutive session.
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On August 2, the Mines and Minerals (Development and Regulation) Amendment Bill was passed in the Rajya Sabha after getting approval from the Lok Sabha. Through this amendment, the government seeks to provide a conducive legal environment for attracting foreign direct investment (FDI) and junior mining companies.
The bill also seeks to allow the Centre to exclusively auction mining leases and composite licences for certain critical minerals in the country, with states also getting their revenue.
According to Zee Business panellist Dharmesh Kant, volume growth is good in the metal segment and will gain traction as there is development in infrastructure and real estate.
Kant said that there is a fall in international demand due to the slowdown in China and the US. This is putting pressure on Indian sales and costs. Overall, metal demand will increase soon.
Kant recommends buying shares of NMDC.
Hindustan Copper shares: Past performance
Hindustan Copper stock has gained over 28 per cent against a rise of more than seven per cent in the headline Nifty50 index.
NMDC shares: Historic performance
NMDC shares have lost over 10 per cent in 2023 so far, against a rise of more than seven per cent in the headline Nifty index.
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