TRF hits 5% UC

With some 4000-odd shares changing hands, TRF, which had closed yesterday at Rs.141.45, opened itself today at its 5% UC of the day at Rs.148.50. Its 52-week high is at Rs.171.50.

The stock hit the UC after its promoter, Tata Steel, invested Rs 165 crore in the company for its working capital requirements.

Tata Steel has acquired 16.5 crore, 12.17% (effective yield) non-cumulative, non-convertible, non-participating, redeemable preference shares (NCRPS) of face value Rs 10 each of the company.

With this, the stake of Tata Steel goes up from 34.11% to 46.28%.

TRF is engaged in the business of designing & manufacturing the bulk material handling systems and equipment for core sector industries such as power, ports, steel, mining, and cement for projects undertaken on a Turnkey basis.