Hindalco surges on bridge loan repayment

DALAL STREET SPIKES

Aluminium producer Hindalco Industries surged 6.61 per cent to close at Rs 60.45 a share on reports that the company has cleared the bridge loan taken to acquire Canada’s Novelis. A total of 52.62 lakh shares changed hands on the Bombay Stock Exchange.

The shares touched a high of Rs 63.9 and low of Rs 55.2 in intraday trading. The company had taken a $3.03-billion bridge loan at a rate of 80 basis points above the Libor to fund the deal last year, which was fully repaid on November 6.