Shyam Metalics shares surge over 2% on JV’s LoI for iron ore block

By Aditya Bhagchandani Published on March 27, 2024, 10:16 IST

Shares of Shyam Metalics and Energy Ltd experienced a notable surge of over 2% following the announcement that its joint venture with Natural Resources Energy (NREPL) has secured a Letter of Intent (LoI) from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra. The LoI pertains to the granting of a composite license for an iron ore block spanning an area of 1,526 hectares in Maharashtra.

The award of the LoI represents an important milestone for Shyam Metalics and Energy Ltd, signaling progress in the company’s quest to open up new resource acquisition and development horizons. The iron ore block has important prospects for the company’s growth and development activities within the mining field.

As at 10:12 am, now traders countered 2.53% higher at ₹615.00 on NSE.

Shyam Metalics

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.