India's Transformers and Rectifiers hits record high as GETCO withdraws stop deal

Voltamp Transformers

16/04/2024 05:34

** Shares of Transformers and Rectifiers (India)  TRNF.NS 
jump 5% to a record high of 602.75
    ** Stock hits the upper limit of exchange-mandated trading
band
    ** Co, which makes transformers for power and furnaces, said
it received a letter from Gujarat Energy Transmission
Corporation (GETCO) withdrawing a stop deal    
    ** TRNF can now supply to GETCO with immediate effect, as of
April 15
    ** The stop deal, which was initiated last July, barred
dealings between GETCO and co for three years
    ** This was due to alleged submission of forged Material
Dispatch Clearance Certificates (MDCC) related to transformers
supplied by TRNF
    ** Stock is set for its 16th straight session of gains,
marking its strongest rally since listing in Dec 2007
    ** Reuters could not immediately ascertain a reason for
stock's extended rally
    ** Stock has been trading above its 200-day moving avg since
August 2022
    ** TRNF has risen 160.5% YTD, outperforming peer Voltamp
Transformers  VOTL.NS , which has gained 51.7%

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))