TRF share price hits upper circuit on plans to sell stake in Tata International DLT
TRF has sought shareholders' approval to sell the entire stake held by Dutch Lanka Trailer Manufacturers Limited, a step-down subsidiary, in Tata International DLT Private Limited,
November 25, 2020 / 10:57 AM IST
TRF share price hit 5 percent upper circuit on BSE on November 25 after the company sought shareholders' approval to sell the entire stake in Tata International DLT.
TRF sought the nod of the members of the company for selling the entire stake held by Dutch Lanka Trailer Manufacturers Limited, a step-down wholly owned subsidiary of the company, in Tata International DLT Private Limited by way of postal ballot only through remote electronic voting process, the company said in an exchange filing. Tata International DLT Private Limited is a 50:50 Joint Venture of Tata International Limited and Dutch Lanka Trailer Manufacturers Limited.
The stock hit the upper circuit of Rs. 83.80 per share on BSE and was trading at Rs 83.80, up Rs 3.95, or 4.95 percent at 1032 hours. It has touched an intraday high of Rs 83.80 and an intraday low of Rs 82.55. There were pending buy orders of 25 shares, with no sellers available.
The scrip also witnessed a spurt in volume by more than 1.94 times and was trading with volumes of 2,961 shares, compared to its five day average of 1,467 shares, an increase of 101.90 percent.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long-term moving averages. The company has zero promoter pledge and has been able to generate net cash, improving net cash flow for the last two years.
Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.