Shyam Metalics surged up almost 9.5% to hit an intraday high at Rs.318.55, which is not too far from its 10% UC of the day at Rs.320.40. Its 52-week high is at Rs.385.40.
The company announced today morning that it has made its third acquisition – Mittal Corp, marking its foray into Stainless Steel (SS) / Wire Rod & Bar Mill business.
Shyam Metalics has embarked on a ‘diversification approach’ in the metal space to chart the company’s growth journey and has proposed to further invest Rs 7500 crores over the next five years.
Prior to this, in 2021, the company had acquired a 3600 mtpa aluminum foil metal company, Sri Venkateshwara and then successfully implemented one of India’s largest Aluminium Foil Rolling Plant in India in the State of West Bengal.
Another acquisition was Ramsarup Industries through NCLT and with this it aims at enhancing and reviving the operations and steel-making manufacturing facilities of Ramsarup Ind.