Indian shares gain above 1% following an insolvency resolution

Gulf Today Report 

Indian shares jumped on Tuesday following gains in bank shares after steel conglomerate JSW Steel completed an insolvency process.

The blue-chip NSE Nifty 50 index rose 1.7% to 14,757.50 and the benchmark S&P BSE Sensex gained 1.6% at 49,792.04, by 05:03 GMT.

According to JSW Steel, it has concluded a resolution plan for Bhushan Steel and Power.

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Amongst other things, the plan includes a payment of 193.50 billion rupees ($2.66 billion) to financial creditors.

"The JSW Steel resolution has given impetus to the banks as many of them were lenders to the bankrupt company," said Anita Gandhi, director at Arihant Capital Markets.

The Nifty bank index rose 1.9% and the public sector bank index gained 1.1%.  The Nifty metals index rose 3.2% and were the top gainer among sectoral indexes.