TRF Shares hit a six-year high of Rs 339.60 in intraday trade on Tuesday and locked in a 5% high on the BSE with only off-market buyers. Shares of Tata Group Inc hit their highest level since July 2016. TRF promoter Tata Steel (TSL) held a 34.11% stake in the company as of June 30, 2022.

In the past six trading sessions, the market price of TRF has surged 101% from the level of Rs 168.80 on September 12, 2022, after the coin was excluded from the Graded Surveillance Measure (GSM) surveillance.

A total of about 29,000 shares on the BSE and NSE had changed hands as of 10:56 am, the data showed. There are a total of 230,000 stock pending orders on these exchanges.

TRF locked at highs for the sixth straight session. The exchange has adjusted the share price range from 10% to 5% starting today. On September 15, they revised the price range from 20% to 10%.

Shares of TRF were placed under the Graded Monitoring Measures (GSM) framework in June 2022. Also, once placed under GSM Phase 3 regulation, these stocks will only be traded once a week, i.e., every Monday. From September 12, 2022, company shares are excluded from GSM monitoring.

“While the company has also observed an increase in the price of its stock since September 13, 2022, we understand that this price increase is due to the exclusion of the company’s stock from GSM monitoring and the availability of the stock for regular trading,” the TRF stated on September 9 on clarification on price.

Meanwhile, TRF undertakes turnkey material handling projects in infrastructure sectors such as power and ports and industrial sectors such as steel mills, cement, fertilisers and mining. The company is also producing such material handling equipment at its manufacturing facility in Jamshedpur. In addition, the company is also engaged in the provision of design and engineering, supervision and other related services.

Going forward, TRF said that core industries (steel, mining and power, etc.) are expected to see significant improvement and growth, which will have a knock-on effect on all related industries, such as material handling OEMs and demand for project management/construction services.

In August 2022, CARE Ratings revised TRF’s long-term rating from “negative” to “stable” due to the reduction of external liabilities through financial support from parent company TSL. In addition, the rating agency said that the company’s cash loss has continued to decline in the past two years. CARE expects the company to be slightly cash positive in FY23, mainly due to TSL’s order execution.