Jindal Steel & Power Gains a Hike Of 2.98% on BSE

Jindal Steel & Power Gains a Hike Of 2.98% on BSEIn today’s trade, gains in European shares and higher US index futures have played a role to aid recovery in battered Indian shares where the BSE Sensex was observed up 129.51 points or 0.8%, up 224.70 points from the day's low and off 32.82 from the day's high.

In addition, the owner of the world’s largest refining complex, Reliance Industries Ltd was found to be at higher level in volatile trade and majority of metal stocks increased after a gauge of six metals traded on the London Metal Exchange jumped 0.51%, on Friday.

On the other hand, most of the software stocks were observed to roll down, probably because of concerns that an identical economic slowdown in the US and Europe will hit technology spending by overseas clients, as the US and UK serve as the two biggest markets for Indian IT firms.

Simultaneously, Jindal Steel & Power gained a hike of 2.98% on BSE and raised $475 million through the takeout financing route, as a part of finance expansion plans overseas. The company has increased the loans at 225 basis points over the Libor, for tenure of five years, along with 10 large banks participating in the transaction.