Jindal Steel & Power jumped up almost 5% today mid morning to an intraday high at Rs.421.85 and remains firmly in the green. Its 52-week high is at Rs.577.70.
The stock price soared after it announced that its Australian division paid back the last loan instalment yesterday. From a peak overseas debt of $1.8 billion it is now down to zero as it has been consistently repaying and divesting.
This Australian subsidiary owns iron ore and coal mines in Australia, South Africa, Namibia, Mozambique, and Botswana.