India's Shyam Metalics hits over 4-mth high on expansion plans

Shyam Metalics and Energy

21/12/2022 04:23

** Shares of Shyam Metalics and Energy Ltd  SHYE.NS  rise as
much as 8.9% to 317.35 rupees, highest since Aug. 11
    ** The iron and steel manufacturer said on Tuesday that its
capex spending will increase to 100 billion rupees ($1.21
billion) in the next 5 years to meet growth plans
    ** Aims to expand existing 8.85 million tonnes per annum
production capacity to 14.45 MTPA
    ** SHYE also acquires Mittal Corp, expands into stainless
steel, wire rod and bar mill business
    ** Stock trades above its 50- and 100-day moving averages
for the first time in 5 sessions
    ** ~700,000 shares traded as of 09:42 a.m. IST, 6.7X the
30-day moving average
    ** Stock marks sharpest intraday pct jump since May 17, but
still down ~15% YTD up to last close
    ($1 = 82.72 rupees) 
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))