Shyam Metalics and Energy Ltd approves capex

The Board of Directors of Shyam Metalics and Energy Ltd has approved CAPEX for augmenting and further enhancing capacities in the new metals Aluminium and Stainless Steel in which the Company has forayed in the last 3 years.

Post stabilisation and understanding the Board has approved a CAPEX of 2 700 Crores for production of Flat Rolled Aluminium Products which is a planned backward integration and shall be margin accretive and another aluminium foil plant of capacity 18000 tonne per annum which shall enhance both revenue and margins for the Company.

The Board has also approved expansion in the Stainless-Steel metal space by approving a plant for manufacturing of Stainless-Steel Wire Rods which shall further be used to manufacture Stainless Steel Bright Bars at a Capital outlay of Rs. 110 Crores which shall enhance both the Revenues and Margins for the Company in forthcoming years.

The Entire Projects shall be funded through Internal Accruals.

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 602.60 as compared to the previous close of Rs. 579.65. The total number of shares traded during the day was 14658 in over 1150 trades.

The stock hit an intraday high of Rs. 611.00 and intraday low of 571.05. The net turnover during the day was Rs. 8772963.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy Capex Expansion