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 The shares of two Tata group companies have been on the upswing, touching new highs at the bourses.

The two are non-banking finance company Tata Investment Corporation Ltd and material handling equipment manufacturer TRF Ltd.

Tata Investment is an investment company promoted by Tata Sons and other group companies.

During the first week of June, the Tata Investment scrip was in the Rs 1,340-Rs 1,470 band and on the upward route. And on Thursday, the scrip closed at Rs 2,886.50.

For the first quarter of FY23, the company, on a revenue of Rs 126.30 crore, had posted a net profit of Rs 108.69 crore.

The company invests in equities, mutual funds, debentures, and bonds.

Replying to a query from the BSE on the scrip's price, Tata Investment on Thursday said: "In connection with your mail L/SURV/ONL/PV/KS/ 2022-2023/2653 dated 14th September, 2022, we would like to inform you that to the best of the information available with Management; we do not have any information/announcements to share with the Stock Exchanges under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) which have a bearing on the price/volume behaviour of our scrip traded."

But what is interesting is the upward movement of the other Tata company - TRF's scrip.

On July 25, the TRF share closed at Rs 124.35 and the 52 week low price was Rs 108.

But on Thursday, it hit the upper price band circuit at Rs 267.35 after its previous close of Rs 243.05.

In August, credit rating agency CARE Rating revised its outlook on the long-term rating of TRF from 'Negative' to 'Stable' on account of reduction in outside liability through the support of funds received from the parent Tata Steel.

"Furthermore, the company has recorded continuous declinein cash losses over the past two years and CARE envisages that the company is likely to turn marginally cash positive in FY23, largely on the back of order-book execution for TSL (Tata Steel)," the agency said in its report.

According to CARE Rating, 75 per cent of the order book of TRF is from Tata Steel. Additionally, the parent supports TRF by infusing funds in the form of inter-corporate deposits and unsecured loans in case of any liquidity mismatch.

"As on July 1, 2022, TRF has a total outstanding order book of Rs 363 crore with about 25 per cent of the order from the external parties," CARE Ratings said.

"As on March 31, 2022, capital structure of the company remains weak owing to the negative net worth base. The company has been reporting losses for the past three which led to the deterioration of net worth," CARE Ratings said.

Steel major and group company Tata Steel Ltd holds 34.11 per cent stake in TRF.