Shares of TRF surged up 20% on Wednesday to hit a new 52-week high of ₹327.70.
What Happened: The massive surge today comes as the company announced the decision to call off the proposed scheme of amalgamation with Tata Steel.
The company said that this move follows a period of improved business performance, attributed to significant support from Tata Steel, including order placement and capital infusion, as well as the company’s own efforts in areas such as debtor collections, cost optimization, and asset management.
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“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 added in a press release.
The board of Tata Steel has approved the withdrawal of the scheme, and an application to withdraw it has been filed with the Kolkata bench of the National Company Law Tribunal (NCLT). A meeting of the company’s shareholders was convened on February 8 to consider the scheme as infructuous.
Price Action: TRF’s share price was locked in the 20% upper circuit at ₹327.70 on Wednesday.
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