Multibagger metal stock engaged in the business of manufacturing and supplying long steel products, ferroalloys, and many more jumped 4 percent in the day’s trade following the announcement of a new greenfield expansion project with an investment of Rs. 450 Crores to foray into the EV segment and aid the revolution
With a market capitalization of Rs. 16,608 Crores, the shares of Shyam Metalics and Energy Limited closed at Rs. 595, up 3.96 percent from its previous day’s close price of R. 595. It has delivered multi-bagger returns of 116 percent in a year.
Shyam Metalics and Energy Limited announced its foray into a greenfield expansion project focused on aluminium flat-rolled products by setting up a plant in Odisha with an investment of Rs. 450 Crores.
With the greenfield expansion project, Shyam Metalics group is poised to emerge as a key player in India’s transition towards sustainable manufacturing and supporting the EV revolution. The expansion project encompasses the establishment of cutting-edge battery foil mills, poised to cater to the escalating demand for cells utilized in electric vehicles
This will increase the manufacturing of Aluminium flat rolled products to bridge the demand & supply gap making Shyam Metalics group self-reliant for the raw materials of aluminium foil business.
With an annual capacity of 60,000 metric tons per year (KTPA) of flat-rolled products, this expansion marks a significant stride towards sustainable manufacturing and supporting the ever-increasing electric vehicle (EV) sector in India
Following the expansion plans, Mr. Sheetij Agarwal the Promoter and Whole-Time Director of Shyam Metalics and Energy Limited, stated, “Our foray into Aluminum flat-rolled products and battery foil mills underscores our dedication to innovation, sustainability, and contributing to India’s growth story.
By leveraging green energy and advanced recycling techniques, we aim to set new benchmarks for eco-friendly manufacturing while catering to the burgeoning demand in the electric vehicle segment.”
. With projections indicating exponential growth in the EV market over the next five years. Shyam Metalics group is strategically positioning itself to meet the burgeoning demand while contributing to the nation’s vision of an electrified transport ecosystem.
Shyam Metalics and Energy is a metal manufacturing engaged in the business of manufacturing and selling long steel products, ferro alloys, iron, and other steel products, it is also involved in the generation of power.
Its revenue from operations grew by 13.44 percent from Rs. 2,922 Crores in Q3FY23 to Rs. 3,315 Crores in Q3FY24, accompanied by profits of Rs. 65 Crores to Rs. 126 Crores.
It has reported a return on equity (ROE) of 13 percent and a return on capital employed (ROCE) of 15 percent, it is making good returns on its equity and capital employed.
Written by: Bharath K.S
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