Shyam Metalics share price spikes after stainless steel business foray

Shyam Metalics has embarked on a diversification approach in the metal space to chart the company’s growth journey and has proposed to further invest Rs 7500 crore over the next five years. In order to meet the growth plans with organic and inorganic expansion, Shyam Metaliks present capex aims at growing to Rs 10,000 crore in the next five years, the firm said.

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Shyam Metalics & Energy share price jumped 8 percent intraday on December 21 after the company forayed into the stainless steel or wire rod and bar mills business.

Shyam Metalics and Energy announced its third acquisition of Mittal Corp Limited with a foray into the stainless steel and wire rod and bar mill business. The inorganic growth will witness the establishment of manufacturing footprints in Madhya Pradesh and add capacities of 1,50,000 tpa stainless steel and wire rod and bar mill, the company said in an exchange filing.

“With this development, Shyam Metalics has embarked on a ‘diversification approach’ in the metal space to chart the company’s growth journey and has proposed to further invest Rs 7,500 crore over the next five years. In order to meet the growth plans with organic and inorganic expansion, Shyam Metaliks present capex aims at growing to Rs 10,000 crore in the next five years. The current manufacturing plants in West Bengal and Odisha which employs more than 15,000 people will further see an addition of 10,000 jobs to the entire workforce post expansions,” the company said.

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At 10:59am, Shyam Metalics & Energy was quoting at Rs 313.80, up Rs 22.50, or 7.72 percent on BSE. It has touched an intraday high of Rs 318.55 and an intraday low of Rs 304.

The company has also taken control of Ramsarup Industries Limited through NCLT which will help facilitate inorganic growth in the steel space. Following the takeover of Ramsarup Industries in May 2022, Shyam Metalics aims at enhancing and reviving the operations and steel-making manufacturing facilities of Ramsarup Industries.

Fresh planning for revival aided with the deployment of capital will lead to the generation of 3000 new jobs and facilitate the growth of the company the state and its people, the company said.