The stock ended at Rs 138, up 1% from its previous close. The counter clocked volumes of 1.14 million shares on the BSE.
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(Updated at 0912hrs)
Hindalco has gained in early trades on plans of raising funds of Rs 4,900 crore.
The stock opened at Rs 138 and gained to a high of Rs 140. It is now trading with a gain of 2% at Rs 139. Over 89,000 shares have been traded on the BSE so far.
Hindalco Industries, India’s largest aluminium maker, hopes to complete Rs 4,900 crore of debt-raising in the next two weeks to achieve financial closure for Utkal Alumina Refinery, a 1.5-million tonne per annum project in Orissa.
The refinery is expected to start production from July 2011 and the order for machinery has been placed. It involves an estimated Rs 6,500 crore of planned capital expenditure, 25 per cent of which is being put up as equity by the company, while the rest is being raised as debt.
