Hindalco Industries is trading marginally higher at Rs 161.55 over its previous day’s close, bouncing back 9% from day’s low of Rs 148.75, after reporting 2% year-on-year (yoy) drop in standalone net profit at Rs 451 crore for the quarter ended December 2011, due to higher raw material and staff cost. Net sales grew 11% at Rs 6,590 crore on yoy basis.

Meanwhile, the board of directors have approved the issuance of up to 150 million warrants to promoters/promoter group companies on preferential allotment basis, entitling the holders of each warrant to apply for and obtain allotment of one equity share against such warrant.

The board has also approved calling an extra-ordinary general meeting (EGM) on March 07, 2012 for the aforesaid purpose.

A combined 36.55 million shares have changed hands on the counter so far on the NSE and BSE.