Hinduja Foundries pares early gains; stock down 1%

The board has approved issue of GDRs upto Rs 400 crore

Shares of Hinduja Foundries pared early gains and were down nearly 1% on profit taking. In early trades, the stock had gained  nearly 2% at Rs 34 after the company said its board has approved the Finance Committee's proposal to issue Global Depository Receipts (GDRs) to promoters, promoter group companies or any other entity which is a subsidiary, associate of its parent for an amount upto Rs 400 crore.

Earlier, the Finance Committee had recommended to the board of directors to issue GDRs to
promoters, promoter group companies or any other entity which is a subsidiary, associate of its parent for an amount upto Rs 400 crore, the release added.

The stock opened at Rs 34.60 and touched a high of Rs 35. At 12pm, over 2,000 shares were traded on both the stock exchanges.