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Shyam Metalics gains as its JV gets letter of intent for Maharashtra iron ore block
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Shyam Metalics and Energy is currently trading at Rs. 610.55, up by 10.70 points or 1.78% from its previous closing of Rs. 599.85 on the BSE.
The scrip opened at Rs. 616.70 and has touched a high and low of Rs. 622.95 and Rs. 607.60 respectively. So far 28511 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. 253.05 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 622.95 and Rs. 572.00 respectively. The current market cap of the company is Rs. 17070.31 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’s Joint Venture Company (JV), namely Natural Resources Energy (NREPL), has received the Letter of Intent (LoI) from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra, for Composite License for Iron Ore Block in the State of Maharashtra. In JV, Dorite Tracon, a promoter company of Shyam Metalics and Energy, holds 49% of the economic interest.
The said Composite Licence for Surjagad 1 Iron Ore Block for Iron Ore in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, Gadchiroli District is spread over an area of 1526 hectares.
This significant achievement follows NREPL's successful bid in the e-auction process conducted for the said mineral block. As the ‘Preferred Bidder’ under the established Auction Rules, NREPL submitted a final price offer of 126.35%, demonstrating its commitment to the project's value.
The LoI is valid for a period of one year from the date of issuance. During this time, NREPL will fulfill all necessary conditions to secure the final composite license from the Government of Maharashtra. This project holds immense potential to contribute to the economic growth of the region, generate employment opportunities, and support the nation's infrastructure development.
Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys.
