Shares of Tayo Rolls hit an over 10-year high of Rs 118.30, up 10 per cent on the BSE in Monday's session, on the back of heavy volumes. The stock was locked in the upper circuit for the third straight day. In the past seven trading days, it has zoomed 100 per cent from the level of Rs 59.10 touched on October 6, 2021. It was quoting at its highest level since January 2011.
Till 09:54 am, around 114,000 equity shares had changed hands and there were pending buy orders for 88,215 shares on the BSE, the exchange data shows. Currently, the stock is classified in the X category on the BSE. X group consists of all those stocks which are only listed on BSE.
The BSE said that the exchange has sought clarification from Tayo Rolls Ltd on October 14, 2021, with reference to the movement in price. The reply is awaited.
Tayo Rolls, a subsidiary of Tata Steel
since December 2008, was promoted in collaboration with Yodogawa Steel Works, Japan and Nissho Iwai Corporation of Japan for production of cast iron and cast steel rolls for metallurgical industries. Other products include forged rolls, engineering forgings and ingots. Tayo Rolls, formerly Tata Yodogawa Limited was incorporated in 1968 and started its operations then.
"The company suspended its operations progressively since May 2016. Operations have not resumed in the current financial year. Although, during the financial year 2019-20, Corporate Insolvency Resolution Process (CIRP) was commenced against the company vide an order passed by the Hon’ble National Company Law Tribunal (NCLT), Kolkata Bench dated April 5, 2019 under the provisions of the Insolvency and Bankruptcy Code 2016 (“Code / IBC”)," Tayo Rolls said in the financial year 2020-21 (FY21) annual report.
holds 54.45 per cent stake in Tayo Rolls as of June 30, 2021, the shareholding pattern data shows. Yodogawa Steel Works and Sojitz Corporation held 14.98 per cent and 3 per cent stake, respectively. Individual shareholders held 24.54 per cent holding in Tayo Rolls.
Tayo Rolls had incurred a loss of Rs 86.68 lakh during the quarter ended June 30, 2021, and accumulated losses as on reporting date amounting to Rs 543.76 crore. The net worth of the company has already been eroded and the company's current liabilities exceeded its current assets.
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