The share price of TRF Ltd., a Tata Steel subsidiary company, has jumped over 170% in the past 1 year. The company’s shares have witnessed a significant price jump since the Board of the company announced the withdrawal from the amalgamation with Tata Steel on Feb 08, 2024.
The Board of Directors TRF Ltd. in an exchange filing said, “we would like to inform that the Hon’ble National Company Law Tribunal (‘NCLT’), Kolkata Bench, vide its order dated February 7, 2024 allowed the withdrawal application filed by the Company.”
Following the amalgamation withdrawal from TRF Ltd., the Board of Tata Steel in an exchange filing on Feb 20, 2024, informed, “we would like to inform that the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT’), vide its order dated February 8, 2024, has allowed the withdrawal of the Scheme. The copy of the said Order has been made available on the website of the NCLT today, i.e. February 20, 2024 and is enclosed herewith.”
The share price of TRF currently trading at Rs 438.40 apiece on BSE. The stock opened at Rs 445, 1.25% or Rs 5.50 higher from the previous close.
The stock has given 6.1% positive return in the past 1 week, and 6.77% negative return in the past 1 month. In the past 3 months, the stock jumped 57.1%, and in the past 1 year, it jumped 171.29%. It has given 363.67% positive return in 3 years and 234.4% positive return in 5 years.
Tata Steel announced in September 2022 and on two later dates that it would merge nine important businesses as part of its long-term plan to streamline its business portfolio.
Nine of Tata Steel’s key businesses—Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd., and S & T Mining Company have merged, which the company had previously stated.
About TRF Ltd.
Incorporated in 1962, TRF Limited is a Tata Group Company and a subsidiary of Tata Steel. The company is a leader in the field of bulk material handling equipment, Engineered-to-Order, systems and allied services. The company is the most comprehensive provider of equipment and services to the infrastructure sectors of the economy such as Mining, Steel, Power and Ports, amongst others, using leading-edge technologies with customer-friendly service and credible performance.