Shyam Metalics shares hit all-time high; here's what's driving the stock

Shares of Shyam Metalics and Energy Limited, an integrated metal producing company rose as much as 10 per cent and hit an all-time high at Rs 464.5 apiece on BSE in Wednesday's trading session. Dalal Street showed buying interest in the stock after the company released its July business sales update.

At the time of filing this report, around 12:45 pm, Shyam Metalics and Energy Limited stock traded at Rs 455 apiece, up 7.74 per cent or Rs 32.7 on the bourse. The market capitalisation of the company stood at Rs 11,606.17 crore. The tock closed at Rs 450.45 apiece on BSE, up 6.67 per cent.

According to the regulatory filing, the company's Sponge Iron sales volume increased by 37.2 per cent in July as compared to the previous month (June), but the sale has declined 7.4 per cent on a year-on-year (YoY) basis.

Further, Long Steel including TMT, Wire Rods, and Structurals sales volume has increased from 71,295 tonnes to 1,10,275 tonnes, up 54.7 per cent YoY. Meanwhile, Steel sales volume has also increased from 1,55,494 tonnes to 1,81,546 tonnes, up 16.8 per cent (YoY). 

On the other hand, sales of Pellets, Ferro Alloys, and Steel Billets sales have seen a decline on a YoY basis. 

Shyam Metalics Q1 results 

Shyam Metalics and Energy Limited (SMEL) posted a 43 percent fall in consolidated net profit at Rs 235 crore in the April-June quarter of 2023-24, dragged by higher expenses. The total income, however, increased to Rs 3,339.84 crore from Rs 3,245.13 crore in the year-ago quarter.

Read on: Shyam Metalics and Energy Q1 results: Net profit falls 43% to Rs 235 crore 

Shyam Metalics share price: Past performance 

The stock has gained 38 per cent in 2023 so far against Nifty's rise of over seven per cent. 

Chart 

Shyam Metalics and Energy Limited is an integrated metal producer company primarily engaged in the production of long steel products such as iron pellets, sponge iron, steel billets, TMT, structural products, wire rods, and ferro alloys.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.