By Sethuraman N R
BENGALURU, March 30 (Reuters) - Indian shares rose on Tuesday, lifted by gains in bank shares after steel conglomerate JSW Steel completed an insolvency process, allowing lenders to recover some of their bad loans.
JSW Steel JSTL.NS said on Friday it completed a resolution plan for Bhushan Steel (NS: TATS ) and Power, including a payment of 193.50 billion rupees ($2.66 billion) to financial creditors. 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 metals index .NIFTYMET rose 3.2% and was the top gainer among sectoral indexes.
A rise in steel prices globally as well as locally are expected to increase the profits for steel companies and there has been lot of upgrades to the companies in the sector, Gandhi said.
Shares of Indian mobile gaming platform Nazara Technologies Ltd NAZA.NS surged more than 80% in their market debut on Tuesday, reflecting investor enthusiasm for technology firms in a frenzied period for public listings.
Volumes are expected to be lighter in a holiday-shortened week, with the Indian exchanges being closed on Monday and the coming Friday. ($1 = 72.8000 Indian rupees)
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