Now this company will not be merged with Tata Steel, the company told this big reason, shares got put in upper circuit
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Tata Steel: Steel producer Tata Steel on Wednesday said that its board of directors has decided not to merge its associate company TRF Limited in view of the improvement in its performance. Tata Steel had earlier announced plans to integrate nine strategic businesses including TRF, Tata Steel Long Products, Tinplate Company of India, Tata Metallics, The Indian Steel and Wire Products, Tata Steel Mining Limited and S&T Mining Company. The Tata group company said in a statement that its board of directors has decided not to proceed with the plan to merge TRF. Tata Steel said that with our active support, TRF has successfully overcome a very challenging operating environment. This has brought about a change in the business performance of TRF.
Nine companies were to be merged
Since the announcement of the proposed merger, Tata Steel has been providing operational support and financial assistance to TRF by placing orders and providing funds. Along with this, Tata Steel said that after completing the regulatory processes, five associate units have been successfully consolidated and this process is still going on. The merger of Tata Steel Mining Limited is effective from September 1, 2023, while the merger of Tata Steel Long Products Limited is effective from November 15, 2023. S&T Mining Company Limited is merged with effect from December 1, 2023 and The Tinplate Company of India Limited is merged with effect from January 15, 2024. Apart from this, the merger of Tata Metaliks Limited has become effective from February 1, 2024.
Shares jumped 20% due to this decision of the company
Due to the company’s decision, the share price of TRF Ltd has hit upper circuit on NSE. There has been a sharp jump of about 20 percent in TRF shares in one go at 10 am. The company’s shares jumped 20 percent i.e. Rs 54.60 and were trading at Rs 327.70. In the last one month, the company’s shares have given a return of 17.43 percent to the investors. Whereas, investors have got a return of 71.21 percent in six months. At the same time, it has given a return of 97.53 percent i.e. Rs 161.80 in one year. Last year on February 8, the share price of the company was Rs 166.75, which is trading at Rs 327.70 today. This is the highest price of 52 weeks. The market cap of the company is Rs 362.45 crore.
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