Hindalco shares gain as company plans QIP to raise funds

Shares of Hindalco surged nearly 3% after the company informed bourses that it has set the floor price at Rs 184.45 per share for raising funds through qualified institutional placement (QIP) issue which opened on Thursday.

Reacting to the development, the stock of the company rose nearly 3% to Rs 195 on the BSE. It has gained about 22% so far this year by Thursday's close.

On the volume front, over 8 lakh shares exchanged hands on the conuter as compared to two-week average of 11 lakh shares. 

Although the placement would result in a dilution of shares, investors are