Shyam Metalics Shares Rise 2% After Q3 Business Update

Shyam Metalics and Energy Ltd.'s stock rose 2% during the day after the company announced business update for the third quarter.

The sales in December 2024 for Stainless Steel grew by 59%. The sales volume recorded for the month stands at 7,889 metric tons, against 4,960 metric tons last year. The Aluminium foil sales increased by 32%, standing at 1,910 metric tons this year. The sales volume last year was recorded at 1,451 metric tons.

The company's Speciality Alloys sales went up by 7%. The Carbon Steel segment saw 11% sales growth.

The Sponge Iron sales saw a 31% downtick recorded at 74,305 metric tons this quarter. Last year it was 1.07 lakh metric tons. December's Pellet sales grew by 42%. The sales volume this month was recorded at 87,114 metric tons against 61,240 metric tons last year.

Shyam Metalics stock rose as much as 2.35% during the day to Rs 779.9 apiece on the NSE. It was trading 1.76% higher at Rs 775.45 apiece, compared to a 0.43% advance in the benchmark Nifty 50 as of 12:25 a.m.

It has risen 23.05% in the last 12 months. The relative strength index was at 47.56. Five out of the six analysts tracking the metal producing company have a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 948.2, implying an upside of 22.3%.