Shares of TRF surged up close to 15% on Tuesday to hit a new 52-week high of ₹276.35.
What Happened: The massive surge today comes as the company its subsidiary TRF Singapore Pte Limited announced the sale of Dutch Lanka Trailer Manufacturers Limited (DLT), including its 100% subsidiary Dutch Lanka Engineering Limited, Sri Lanka to United Motors Lanka, Sri Lanka.
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The Tata Group company in an exchange filing added that it expects to obtain all necessary approvals to complete the transaction in approximately 60 days. As per the filing, the consolidated turnover of DLT was
₹75.77 crore and consolidated profit before tax was ₹13.37 crore for the year ended March 2023.
The buyer, United Motors Lanka PLC, Sri Lanka is one of the oldest automobile companies and sole
distributor of Mitsubishi vehicles in Sri Lanka. The stock received a massive bump as soon as the announcement was made at around 10:30 a.m.
Price Action: TRF’s share price was up 13.20% to trade at ₹272.20 in early trade on Tuesday.
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