India's Shyam Metalics and Energy hits record high; UBS starts with 'buy'

Shyam Metalics and Energy

22/08/2024 05:33

** Shares of Shyam Metalics and Energy  SHYE.NS  rise as
much as 10.7% to a record high of 844.46 rupees
    ** Brokerage UBS has initiated coverage at "Buy" with PT of
1,200 rupees, ~42% above the current share price
    ** UBS highlights metal producer's diversification and
backward integration for efficiency make it stand out
    ** Foray into new business (aluminum and stainless steel
products) showcase co's execution capabilities, says UBS
    ** New projects starting in FY25/26 give strong earnings
visibility, with UBS expecting an additional 260 mln rupees 
($3.1 mln) in EBITDA and 39%/50% EBITDA/PBT growth over FY24-27
    ** Stock last up 8%, extending YTD gains to ~30%



($1 = 83.9400 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))