Shares of Shyam Metalics and Energy Ltd. gained to their highest in a month on Wednesday after it established a new stainless steel hot-rolled coil facility at its existing plant in Sambalpur, Odisha, as a part of its expansion plan.
The new facility will have a capacity of 0.3 million metric tonne per annum and will specialise in the production of 200 and 400 series stainless steel hot rolled coils, according to an exchange filing.
The new facility will utilise captive raw materials such as direct-reduced iron, power and ferroalloys in a reliable and efficient supply chain, while maintaining uncompromising quality standards throughout the manufacturing process.
Shares of the company rose as much as 6.41% to Rs 658.90 apiece, the highest level since March 5. It pared gains to trade 2.23% higher at Rs 633 apiece as of 9:55 a.m. This compares to a 0.25% advance in the NSE Nifty 50 Index.
The stock has risen 114.32% in the last 12 months and 0.51% year-to-date. Total traded volume on the NSE so far in the day stood at 1.51 times its 30-day average. The relative strength index was at 54.93.
Out of five analysts tracking the company, four maintain a 'buy' rating and one suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.1%.
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