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Business News/ Markets / Stock Markets/  TRF: This Tata group stock hits 13-year high, gained nearly 100% in last 6 sessions; here's why
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TRF: This Tata group stock hits 13-year high, gained nearly 100% in last 6 sessions; here's why

Tata Group company TRF saw its shares surge by 85% in five trading sessions, reaching their highest level since July 2015. In the previous session, the stock jumped 9.5% after the company reported a healthy set of numbers for the December-ending quarter.

TRF was among the strategic businesses that Tata Steel considered for amalgamation, alongside eight others. (Pixabay)Premium
TRF was among the strategic businesses that Tata Steel considered for amalgamation, alongside eight others. (Pixabay)

TRF, a Tata Group company, saw its shares gain another 7.7% in today's trade to hit a 13-year high of 509.95 apiece, continuing its sharp movement for the sixth consecutive trading session. In the last five sessions alone, the stock has increased by 85%. With today's rise, the total increase over the six-day period has reached 99.30%.

Also Read: MSCI Rejig: PNB, BHEL, NMDC, among five additions to India Standard Index; 27 stocks added to Small Cap index

The stock began its upward trajectory on February 6 by locking into a 20% upper circuit limit after both the parent company and TRF decided not to proceed with the amalgamation process.

Since the announcement of the intended merger of TRF in September 2022, Tata Steel has been providing significant operational and financial support by way of the placement of orders and the infusion of funds.

With the active support from Tata Steel, TRF has successfully navigated a highly challenging operating environment, witnessing a turnaround in its business performance. Tata Steel said it will continue with its simplification journey and leverage relevant opportunities in the future.

Also Read: Europe business to continue to dent Tata Steel’s earnings

TRF was among the strategic businesses that Tata Steel considered for amalgamation, alongside eight others, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, The Indian Steel & Wire Products, Tata Steel Mining, S & T Mining Company, Bhubaneswar Power, and Angul Energy.

Tata Steel has recently completed the amalgamation of five of its nine strategic businesses, and it expects the rest three to be finalized by Q1 FY25.

Meanwhile, the company on Monday reported a healthy set of numbers for the December-ending quarter.

It posted a 111% YoY jump in its standalone net profit to 19 crore from 9 crore reported in the same period last year. Its EBITDA margin improved by 1400 basis points YoY to 42% in Q3.

At 9:30 am, the stock was trading with a gain of 2.35% at 483.80 apiece. 

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 13 Feb 2024, 09:40 AM IST
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