India's Shyam Metalics hits record high on capacity expansion

Shyam Metalics and Energy

16/09/2024 10:42

** Shares of Shyam Metalics and Energy  SHYE.NS  rise as
much as 3.1% to hit record high at 897.90 rupees
    ** Metal producing co says it has commenced phase I of the
greenfield cold rolling mill at Jamuria, West Bengal, expanding
its capacity to produce steel products
    ** "We aim to achieve optimal utilization of new facility
within next 2 yrs, contributing around 8% to 10% of co's revenue
& EBIDTA in the years to come" - Managing Director Brij Bhushan
Aggarwal
    ** Stock on track for a sixth consecutive session of gain,
if trend holds
    ** Avg. rating of four analysts equivalent of "buy", median
PT is 775 rupees - LSEG data
    ** Stock last up 2.7%, bumping YTD gains to 42.6%

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))