By Malvika Gurung
Investing.com — Shares of the machinery industry company TRF (NS:) hit an upper circuit of 5% on Tuesday and recorded a fresh 52-week high of Rs 340.55 apiece for the sixth consecutive session.
During this period, the Tata Group scrip rallied 101.7% and hit its highest level in more than six years in the session today. At Rs 340.55/share, TRF’s scrip surpassed a six-year peak achieved on July 12, 2016.
The Tata Group stock has soared 103% since Sept 5, 2022. The multibagger stock has delivered returns of around 135% to its investors on a YTD basis and in the past year, returns of a whopping 184%.
Market analysts do not recommend any fresh buying on the counter, as the stock has been hitting fresh 52-week highs and upper circuits in the past consecutive sessions.
However, Sumeet Bagadia of Choice Broking expects the micro-cap scrip to continue its uptrend and advises investors to upgrade the trailing stop loss at Rs 300. Analysts believe that the stock may touch up to Rs 420/share in the short to medium term.
The credit rating company CARE Ratings (NS:) revised its long-term outlook on the stock from ‘negative’ to ‘stable’ after Tata Steel (NS:) invested Rs 165 crore in the company, thereby reducing its outside liability.
Tata Steel is the promoter company of TRF and holds a 34.11% stake in it, as of June 30, 2022.