Shyam Metalics implements 1.2 MT of Pellet Capacity 8 Months ahead of Schedule

Shyam Metalics and Energy Limited (SMEL), a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys, has started the new year on a positive note receiving Consent to Operate (CTO) from the Orissa State Government.

In its growth plans, the company had envisaged a capex of Rs. 360 Crores to increase the capacity of iron pellet production from 3.6 MTPA to 6 MTPA. The CTO will boost the existing capacity at Sambalpur plant by 1.2 MT, bringing the total capacity at Sambalpur to 3 MTPA and overall Pellet Capacity for the Company at 4.8 MTPA. Once again, the company is proud to report early implementation. This expansion at Sambalpur was slated to be completed by September 2023, has come through Eight (8) months ahead of schedule. This has resulted 40% additional capacity in the plant for producing Pellets.

Commenting on the developments, Mr Bhushan Agarwal, Managing Director said, "The key to deliver on our promised growth plans is our focus on timely implementation coupled with strong execution. We are happy to have completed a large project much earlier than the proposed timeline. This will enable us to efficiently cater to the increasing demand for our products. We have now completed and implemented nearly 57% of the proposed expansion capacities. We look forward to continue to maintain our track record on timely delivery and generate enhanced value for stakeholders."

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 301.10 as compared to the previous close of Rs. 299.90. The total number of shares traded during the day was 6076 in over 533 trades.

The stock hit an intraday high of Rs. 303.45 and intraday low of 294.40. The net turnover during the day was Rs. 1821630.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy ConsentToOperate PelletsPlant Odisha