Shyam Metalics and Energy surges on establishing Stainless Steel Hot Rolled Coils facility in Odisha
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Shyam Metalics And Energy is currently trading at Rs. 627.00, up by 7.25 points or 1.17% from its previous closing of Rs. 619.75 on the BSE.
The scrip opened at Rs. 635.00 and has touched a high and low of Rs. 658.00 and Rs. 625.15 respectively. So far 82471 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 772.30 on 12-Feb-2024 and a 52 week low of Rs. 280.95 on 10-Apr-2023.
Last one week high and low of the scrip stood at Rs. 658.00 and Rs. 530.30 respectively. The current market cap of the company is Rs. 17685.79 crore.
The promoters holding in the company stood at 81.62%, while Institutions and Non-Institutions held 5.69% and 12.69% respectively.
Shyam Metalics and Energy has established a new Stainless Steel Hot Rolled Coils (HRC) facility at its existing plant in Sambalpur, Odisha as a part of its expansion plan already approved by the Board of Directors at its meeting held on July 27, 2023.
The company is strategically positioning itself for accelerated growth and expansion in the Stainless Steel market. The new facility, boasting a capacity of 0.3 Million Metric Tons Per Annum (MTPA), will specialize in the production of 200 and 400 series stainless steel hot rolled coils by utilizing captive raw materials such as direct-reduced iron (DRI), power and ferroalloys in a reliable and efficient supply chain, while maintaining uncompromising quality standards throughout the manufacturing process.
In a move to bolster its capabilities in the long products sector, the company has also applied for the acquisition of a new 20-acre land parcel at the newly acquired Mittal Corp. which is now merged with its Material wholly owned subsidiary Shyam Sel and Power, dedicated to downstream products from its wire rod division. This expansion initiative includes plans to establish a Stainless Steel (SS) bright bars capacity of 25,000 Metric Tons Per Annum (MTPA) and an SS wires division with a capacity of 18,000 Metric Tons Per Annum (MTPA).
Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys.
