SHARES in India's Hindustan Copper jumped yesterday after a report that three Chinese firms had bagged contracts worth nearly US$105 million to boost its production.
Shares in the Kolkata-based firm jumped nearly 13 per cent to reach a high of 183.4 rupees intraday at the Bombay Stock Exchange following the report in the Economic Times business daily.
Chinese firms are already building steel plants in India, but this is their first move in helping to develop copper mines, the daily added.
Shakeel Ahmed, chairman and managing director of Hindustan Copper, was quoted as telling the Economic Times: "The contracts were awarded through a transparent two-stage bidding."
The contracts are expected to help boost production at India's only copper mining firm four-fold to 12 million tonnes over the next five years, the report said.
Wenzhou Construction Group of China and India's Maheshwari Mining bagged an engineering and construction contract worth US$18.3 million to develop mines in the northern Indian state of Rajasthan.
Two other Chinese mining firms, Laiwu Steel Group and Sinosteel Engineering Design and Research Institute, won a US$39 million project at HCL's Surda mines in eastern Jharkhand state.
Wenzhou and Maheshwari Mining have also got a US$48 million contract to develop an underground mine, also in Jharkhand state.
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