In September 2022, it had decided to absorb TRF as part of a broader exercise to streamline its corporate structure. But since then, it has raised funds, placed orders with TRF, helping the material handling equipment maker deal with a challenging operating environment.
As a result, its financial position improved and on Wednesday TRF stock hit 20% upper circuit on BSE and closed at the same level at Rs 328.
There was also a significant jump in trading volume across the counter. The day's trading volume was around 1.6 lakh shares, compared to the average daily volume of around 36,000 shares in the last two-week period, BSE data showed.
The metals flagship of the Tata group has merged five arms, Tata Steel Long Products (which had a turnover of Rs 7,464 crore in FY23), Tata Steel Mining (Rs 5,000 crore), Tinplate Company of India (Rs 3,983 crore), Tata Metaliks (Rs 3,260 crore) and S&T Mining Company. Due to consolidation, the stake of parent company Tata Sons in Tata Steel has reduced slightly. Initially, Tata Steel had planned to merge seven businesses. On Wednesday, it said that the merger process of The Indian Steel & Wire Products is in an advanced stage and will be concluded by Q1 FY25. There is also a proposal to merge Bhuvaneshwar Power and Angul Energy into it.