TCC Concept surged almost 20% to hit its intraday high of ₹58.80 in intraday deals on the BSE on Wednesday, 9 September, despite weak stock market trends. The stock opened at ₹49.45 against its previous close of ₹49.05 and zoomed 20% to ₹58.80, inching closer to its 20% upper circuit of ₹58.85, with a spurt in volume by more than 16.25 times.
In the previous session on 8 September, the stock touched its upper circuit of ₹49.10 after hitting a 52-week low of ₹39.35 during the session.
The fresh traction in stock prices has come after the company announced the merger of its subsidiary with it.
The board of directors of the company on Tuesday, 8 September, approved the amendment to the scheme of amalgamation for the merger of its wholly-owned subsidiary, ALTRR Software Services, by way of absorption into TCC Concept.
The company also announced a stock split of TCC Concept shares. Under the proposal, each ₹10 share will be split into five shares of ₹2 each.