Hindalco up on consolidation hopes

DALAL STREET SPIKES

Hindalco jumped 6 per cent from its previous close of Rs 164.50 to Rs 174.35, over strong volumes of more than 5 million shares being traded on the counter. The stock rose following a bid by Rio Tinto to acquire Canadian aluminium major Alcan for $38.1 billion. The deal could create the world's largest aluminium producer. Hindalco had recently made an acquisition in the US, taking over aluminium producer Novelis.