Meanwhile, the BSE Sensex was up 419.93 points, or 4.02%, to 10,950.81.
On BSE, 35,805 shares were traded in the counter. The stock had an average daily volume of 8.75 lakh shares in the past one quarter.
The stock hit a high of Rs 86 and low of Rs 82 so far during the day. The stock had touched a 52-week low of Rs 78.40 on 10 October 2008 and 52-week high of Rs 202.74 on 15 November 2007.
The mid-cap stock had underperformed the market over the past one month till 10 October 2008, declining 35.22% as compared to the Sensex's decline of 28.20%. It had underperformed the market in the past one quarter, sliding 42.19% as compared to the Sensex's decline of 24.40%.
The company's current equity is Rs 175.32 crore. Face value per share is Re 1.
The current price of Rs 85 discounts Q1 June 2008 annualized EPS of Rs 22.72, a PE multiple of 3.74.
Hindalco Industries is yet to file a statement on the rights issue subscription to the stock exchanges. In the rights issue of Hindalco, the five underwriters had jointly agreed to contribute about Rs 2,018.8 crore, a 40% of the issue, while the promoters and the promoter group have subscribed about 50%, reports suggest.
The rights issue, which closed on Friday, 10 October 2008, was hugely undersubscribed. As per the regulatory norms, the total subscription by the promoter and promoter group (including its rights entitlement) shall not exceed 50% of the issue size in a right issue of shares. In the event the company does not receive minimum subscription of 90% of the issue, the underwriters are required to purchase shares to extent of such undersubscription in accordance with the terms of the underwriting agreement.
Hindalco Industries' Rs 5,047.7 crore rights issue which opened on 22 September 2008 will lead to a sizeable 42.8% equity dilution, thereby stemming earnings per share. The company will issue rights shares in ratio of 3:7 priced at Rs 96 per share to existing shareholders.
On 10 October 2008 Hindalco Industries said its promoter IGH Holdings acquired 8.94 lakh shares or 0.05% of equity capital of the company by way of open markets purchases.
Hindalco Industries' net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.