Hindalco Ind surges 8 per cent

The Hindalco Industries scrip surged 8 per cent to close the day at Rs 108.2 on plans to issue GDR. Volatility in the domestic market has made Hindalco cut the size of its $500 million QIP and go in for a GDR issue. 

While the total fund-raising target will remain $500 million, the company has not disclosed how much it planned to raise through GDRs. The stock made an intraday high of Rs 109.35 and low of Rs 100.2. Total traded volumes stood at 65.5 lakh shares – an increase of 1.9 times of its two-week average volumes.