Mumbai: The share price of Shyam Metalics and Energy rose nearly 3 per cent Wednesday after the company announced the setting of a new stainless steel hot rolled coils (HRC) facility at its Odisha plant.
At 9.30 am, the metal producer was trading at Rs 637.50, up Rs 17.75 or 2.86%, on the BSE and over 1.7% higher at Rs 630 apiece on the NSE.
The HRC facility at its plant at Rengali in Sambalpur is a part of the expansion plan approved by the board of directors on July 27, the company said in a release, adding that it is strategically positioning itself for accelerated growth and expansion in the stainless steel market.
The new facility, boasting a capacity of 0.3 million metric tons per annum (MTPA), will specialise in the production of 200 and 400 series stainless steel HRC by utilizing captive raw materials such as direct-reduced iron (DRI), power and ferroalloys in a reliable and efficient supply chain, while maintaining uncompromising quality standards throughout the manufacturing process, it added.
Its Sambalpur manufacturing plant consists of an integrated steel plant with an installed metal capacity of 6.05 MTPA (including intermediate and final products).
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