Shyam Metalics and Energy shares jumped more than 2% to hit a 52-week high after the company started Phase I of the greenfield Cold Rolling Mill at the Jamuria plant, West Bengal. This strategic investment highlights the company’s determination to expand its product range and presence in both domestic and foreign markets.
The facility started its trial run under Shyam Metalics Flat Product Pvt. Ltd., a fully owned step-down subsidiary of SMEL.
In the exchange filing, the company also shared, “With a total capacity of 400,000 tons annually, the new Cold Rolling Mill is a cutting-edge establishment. The project has a total capital cost of ₹603 crores, with ₹346 crores invested and ₹257 crores pending. The mill will specialize in producing pre-painted galvalume coils (PPGL) and coils of galvanized iron/galvanized steel (GI/GL). With this expansion, Shyam Metalics will be able to produce steel products of the highest caliber and further strengthen its integrated steel manufacturing capabilities.”
As of 2:03 pm, Shyam Metalics shares were trading 2.30% higher at Rs 891.20 on the NSE.
