Tata Group These days a series of mergers are going on. Merger of many small companies has been done or preparations for merger are going on. Meanwhile, the National Company Law Tribunal (NCLT) hasTata Metallic Merger) has been approved to merge with its parent company Tata Steel. Due to this, the meeting of the Board of Directors has been canceled before the announcement of the financial results of the subsidiary company.
Tata Metaliks informed the stock market that the meeting of the board of directors to be held on January 12 to declare the financial results of the company has been cancelled. NCLT had on Thursday approved the merger of Metaliks with its parent company.
According to the company, NCLT Mumbai on Thursday passed an order approving the merger plan of Tata Metaliks with its parent company Tata Steel Limited. Tata Metaliks said that with the announcement of the order, the financial results of Tata Metaliks for the quarter ending December 31, 2023 and nine months (of the financial year 2023-24) will be considered along with the financial results of Tata Steel.
After the announcement of the merger, there was a sharp rise in the company’s shares, at 2.45 pm the company’s shares were trading at Rs 1,066.25 with a rise of 0.96 percent i.e. Rs 10.10. The company has given a return of 29.34 percent to investors in the last six months.
Tata Metaliks did not perform well in the September quarter. Company income had reached Rs 758.05 crore. In the same quarter last year, the company had earned Rs 881.77 crore. However, the company’s expenditure in July-September 2023 was Rs 696.41 crore and last year it was Rs 861.41 crore.
In July-September 2023, the company’s EBITDA was Rs 90.1 crore and EBITDA margin was 11.9 percent. Let us tell you that Tata Metaliks Limited is engaged in the manufacturing of foundry grade pig iron. The company provides a chain of end-to-end tech services.