TRF shares rise 20% and reach the upper circuit for the second day in a row

<p>For the second day in a row, TRF’s shares surged by 20%, hitting the upper circuit limit and peaking at Rs 393.30 a share—a level not seen in eight years.</p>
<p>This comes after TRF and Tata Steel, the company’s parent, decided to halt the merger process a day ago.</p>
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<p>Tata Steel said in a recent filing that both businesses had chosen to drop their ambitions for a merger.</p>
<p>Tata Steel has been providing substantial operational and financial support to TRF via order placements and capital infusions ever since the merger was announced in September 2022.</p>
<p>The decision to forgo the merging process has been made by the boards of both firms. Tata Steel has been giving major operational and financial assistance via order placement and cash injection since the announcement of the planned merger of TRF in September 2022, the company said in an exchange filing.</p>
<p>Tata Steel contemplated combining a number of critical companies, including TRF. However, with Tata Steel’s support, TRF has been able to improve its commercial performance in spite of difficult circumstances.</p>
<p>Five of Tata Steel’s nine critical businesses—Tata Steel Mining Ltd., Tata Steel Long Products Limited, S&T Mining Company Limited, The Tinplate Company of India Ltd., and Tata Metaliks Limited—have been successfully combined.</p>
<p>Currently, these five firms are being integrated with the goal of using Tata Steel’s marketing and sales network to increase value-added sectors and streamline downstream processes.</p>
<p>Furthermore, Bhubaneswar Power Private Limited, Angul Energy Limited, and The Indian Steel and Wire Products Limited are in the final stages of merging. The conclusion of these mergers is anticipated to occur in the first quarter of FY25, subject to regulatory clearances.</p>