Shyam Metalics and Energy Ltd commissions enhanced Captive Power & Sponge Iron capacity

Shyam Metalics and Energy Limited (SMEL), a leading integrated metalproducing company based in Kolkata, announced the commissioning of production capacities at their manufacturing facility at Jamuria, West Bengal.

The capacity of the captive power plant will increase by 90 MW, from 267 MW to 357 MW. The company sources ~75% of its power requirement from the captive plant. The incremental addition will lead to 80% of power sourcing internally, which leads to significant cost savings.

The company has also boosted its Sponge Iron production, commissioning an incremental capacity of 1,65,000 TPA, leading to an enhanced total capacity of ~2.7 MTPA.

Mr Brij Bhushan Agarwal, Vice Chairman & Managing Director said, "We continue to deliver on our ambitious expansion plans. I am happy to announce that with current addition we have successfully completed the capacity additions we had outlined in our IPO plans. The addition to our captive power plant gives us a significant boost with reliable and low cost power, and we are in an even better position to supply sponge iron which continues to see improving demand."

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 347.15 as compared to the previous close of Rs. 353.15. The total number of shares traded during the day was 34351 in over 1647 trades.

The stock hit an intraday high of Rs. 355.50 and intraday low of 346.05. The net turnover during the day was Rs. 12014330.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy ProductionCapacity Commissioned ManufacturingFacility Jamuria WestBengal