Jindal Steel gains on share buyback plan

The board will meet on August 30, 2013, to consider a proposal for buy-back of equity shares of the company.

Jindal Steel and Power has surged over 4% at Rs 240 after the company announce buyback of its own equity shares.

The board of directors of the company is schedule to meet on August 30, 2013, to consider a proposal for buy-back of equity shares of the company," Jindal Steel and Power said in its filing.

The stock opened at Rs 227 and hit a low of Rs 226 in morning deals on BSE. A combined 4.54 million shares change hands on the counter so far on BSE and NSE.

Meanwhile, the stock has recovered nearly 30% from its 52-week low of Rs 182 touched on August 2, after the company informed a committee to evaluate and the clearance for the buyback.