Tata group's metal stock hits lower circuit after Tata Steel merger news
Tata Steel merger: After hitting upper circuit on last 5 previous sessions, TRF shares today opened lower and touched lower circuit within few seconds of opening bell
PremiumTata Steel merger: TRF shares are one of the seven Tata group metal companies that are going to merge with Tata Steel Ltd. The board of directors considered and approved Tata Steel's merger plans with other allied metal companies of the group on Thursday and this Tata Steel news seems to have working on Dalal Street today. As Tata Steel share price has surged near 1.50 per cent today, listed Tat group metal stocks have received heavy beating since early morning deals. TRF share price has hit lower circuit whereas Tata Metaliks share price has slipped near 3.50 per cent in intraday trade session on Friday.
Reeling under the heat of Tata Steel news, TRF share price today opened downside and went on to hit lower circuit within few seconds of opening bell. Prior to Friday session, this Tata group stock has hit upper circuit on all 5 previous sessions and the stock was trading at its 52-week high of ₹375.40 apiece after the end of Thursday session. It is one of the multibagger stocks that Indian stock market has produced in recent years as the stock has shot up to the tune of near 200 per cent in last one year. In YTD time, this metal stock has surged to the tune of 160 per cent.
Tata Metaliks shares too witnessed heavy sell-off in early morning deals. Tata Metaliks share price today opened with a downside gap and went on to hit intraday low of ₹771.60 apiece on NSE, logging around 3.50 per cent dip in single session on Friday.
Tata Steel merger details
On Thursday, the board of directors of Tata group considered and approved merger of all metal companies of the Tata group into Tata Steel Ltd. The company board in its meeting held on 22nd September 2022 approved amalgamation of its seven metal companies with its parent metal company Tata Steel Ltd. Those seven metal companies of Tata group that will be merged with Tata Steel are Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited and S & T Mining Company Limited.
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