On June 22, Shyam Metalics and Energy shares climbed 2.5% to its 52-week high of Rs 355.95 in early trade after it started fresh production at its West Bengal manufacturing plant.

On June 21, Shyam Metalics and Energy proclaimed the commissioning of supplementary production at its Jamuria, West Bengal manufacturing facility. The capacity of the captive power plant has now augmented by 90 MW, from 267 MW to 357 MW.

The company sources around 75% of its power requirement from the captive plant, and the incremental addition will lead to 80% of power sourcing internally, which will lead to substantial cost savings for it.
It has also increased its sponge iron production by commissioning an incremental volume of 165,000 TPA, leading to a greater total capacity of 2.7 MTPA.

Brij Bhushan Agarwal, Vice Chairman and Managing Director of Shyam Metalics, said they have ambitious expansion plans and have successfully completed the capacity additions outlined in IPO plans. The captive power plant gives us a significant boost with reliable and low-cost power to supply sponge iron which continues to see improving demand.

At 9:29 am, Shyam Metalics & Energy shares quoted Rs 353.20, up Rs 6.05, or 1.74%, on the BSE.