Hindalco up in the green

Hindalco Industries is up currently almost 2.5% at Rs.95.60, with an intra day high and low at Rs.96.30 and Rs.93.55 respectively. Volumes remain muted at around 3 lakh shares.

Apart from the buoyancy seen in all metal stocks today morning due to better China PMI for August, this stock is up also on news of promoters planning to hike stake in the company.  Kumar Mangalam Birla is to hike his stake by 5% to 37% by converting 15 crore preferential warrants into equity shares. These warrants were issued to in March 2012 with a conversion price of Rs 144.35.