TRF was locked in 5% upper circuit at Rs 208.75 at 14:52 IST on BSE after the company's board of directors approved the proposal of sale/divestment of the entire shareholding in step down subsidiary.
The announcement was made during market hours today, 21 March 2018.Meanwhile, the S&P BSE Sensex was up 124.87 points, or 0.38% at 33,121.63. The S&P BSE Small-Cap index was up 32.40 points, or 0.19% at 17,224.37.
On the BSE, 9,935 shares were traded on the counter so far as against the average daily volumes of 5,315 shares in the past two weeks. The stock had hit a high of Rs 208.75 and a low of Rs 200.50 so far during the day. The stock had hit a 52-week high of Rs 321.45 on 1 December 2017 and a 52-week low of Rs 188 on 11 August 2017.
The small-cap company has equity capital of Rs 11 crore. Face value per share is Rs 10.
TRF said that the board of directors of TRF Singapore Pte. (TRFS) and TRF Holdings Pte. (TRFH), both being wholly owned subsidiary of the company, at their board meeting held in Singapore on 21 March 2018, has recommended for the sale/ divestment of the entire shareholding in step down subsidiary York Transport Equipment (Asia) Pte, Singapore.
The committee of directors of TRF based on the directives of its board of directors, at its meeting held on 21 March 2018, has accepted the recommendation, being the shareholder of TRFS and TRFH, subject to inter alia, requisite approval of the shareholders TRF, requisite authorities and other stakeholders as may be required.
TRF reported consolidated net loss of Rs 23.70 crore in Q3 December 2017, compared with net loss of Rs 24.46 crore in Q3 December 2016. Net Sales rose 16.74% to Rs 258.51 crore in Q3 December 2017 over Q3 December 2016.
TRF is engaged in the production of material handling equipment.
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