Hemant:
What you're proposing will not work for several reasons.
1. Extremely difficult to find an unfinished engineered hickory that will work. IE same/similar color variation, dimensions, thickness, tongue and groove profile, unless the manufacturer has an unfinished version.
2. Stain? It looks like a natural finish to me
3. Finish sheen - extremely difficult to match a factory finished floor without completely finishing the entire area after repairs. IE sand to bare wood.
I know you're looking for that golden answer that's going to save some bucks, but trust me you'll be better off starting over.
An outside option could be removing the affected area and have a design of sorts inserted. It could be as easy as a square or rectangle that could match some furniture placement or the room dimensions. Impossible to visualize a possibility without being there. BUT that isn't a simple project either. Requires some precision not only in installation but removal. IE where to stop and start.
New prefinished material would be used for replacement, but how will that look against the older water damaged area? This goes back to raised edges or the plane being lost. Mind you, I'm guessing about potential issues.
For removal it's all about getting everything off the floor including the adhesive, but you may get really frustrated in trying. Here's a little something I put together way back when or the last time I installed floors for a living. Circa 2004
http://www.hardwoodinstaller.com/hardwo ... e-glue.htm