JSPL share price rises 20% on report promoters to repay Rs 350-crore loans for release of pledged shares
Businesstoday - The share price of Jindal Steel & Power (JSPL) was the top gainer on Nifty Metal index, rising almost 20% intraday on a report that the company promoters are repaying Rs 350 crore worth of loans for release of 10 crore shares.
Post the news report, JSPL shares opened with a gain of 4.43% today and later climbed 19.46% intraday to Rs 75.5 on BSE
With an intraday volatility of 5.24%, JSPL stock has traded in a wide range of Rs 9.5. On NSE, Nifty metal was gaining 6% today.
According to a Mint report, most of the lender's loans are from non-banking finance companies such as L&T Financial Services and Franklin Templeton Investments.