Shyam Metalics and Energy witnessed a 2% surge in its shares following the company’s announcement of expansion into the stainless steel flat products business. The company disclosed plans to set up a new unit in Odisha, marking a significant investment of Rs 650-750 crore over the next few years.
The forthcoming state-of-the-art stainless steel hot rolled coils (HRC) facility, to be established at the existing plant in Sambalpur, Odisha, will have a capacity of 0.3 million tonnes per year. Shyam Metalics aims to specialize in producing high-quality 200 and 400 series stainless steel hot rolled coils, as outlined in a statement by the company.
Emphasizing its commitment to utilizing captive raw materials such as direct-reduced iron (DRI), power, and ferro alloys for the project, Shyam Metalics aims to ensure operational efficiency and quality control throughout the production process.
As of 11:00 am, the company’s shares were trading at ₹632.10 on the NSE
