After the acquisition of Mittal Corp for the stainless steel (SS)/wire rod & bar mill business. Shyam Metalics and Energy (SMEL) zoomed 7.09% to Rs 311.95.

Ferroalloy is a part of stainless steel extensively produced by SMEL’s in all steel companies. Using 20% of stainless steel in Coastal Areas is mandatory, ensuring a stable demand for these products, as per GOI.

• HCL Tech Shares Gain 2% on Partnering Up with Strategy 
• Shares of Shriram Pistons skyrocketed 9% on Acquiring Antolin Lighting
• Stocks in Focus: Lloyds Engineering, SEAMEC, RailTel, and Others
• Overnight Stock Market Movements: Key Developments 
• Stocks Under F&O Ban: Bandhan Bank, and Others

All recent investment multiple portfolios will only take the company to the next level of diversification and business excellence in the global market.

The company is based in India, primarily in the steel industry in West Bengal and Odisha, to produce long steel products and ferroalloys. Also, the largest producer of Ferroalloys in terms of installed capacity in India to sell intermediate and final yields across the steel value chain. 

The company’s net profit fell by 72.40% to Rs 114.30 crore and 23.69% to Rs 3,085.20 crore on September 2022 over September 2021.