Shyam Metalics rises 3% on new blast furnace and sinter plant in West Bengal

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Shyam Metalics rises 3% on new blast furnace and sinter plant in West Bengal

Shyam Metalics rises 3% on new blast furnace and sinter plant in West Bengal

Industry News
Nov 06,24

Shares of Shyam Metalics and Energy saw a 3.3% rise on September 5, reaching an intraday high of Rs 866.55 on the BSE, following the commissioning of a new blast furnace and a sinter plant at its Jamuria facility in West Bengal. As of 1:21 PM, the stock stood at Rs 859.5, marking a 2.49% gain, while the BSE Sensex was down by 0.36% at 78,502.30.

The newly commissioned blast furnace, built with an investment of Rs 6 billion, has a capacity of 0.77 million tonnes per annum (MTPA) and is expected to meet rising demand for high-grade steel. Equipped with a 550-cubic-meter volume, three top-fired stoves, coal dust injection technology, and a dry gas cleaning system, the furnace aims to increase production by 0.77 MTPA, with a projected margin improvement of Rs 700 per tonne.

The facility also features an 18 MW top gas pressure recovery turbine (TRT), which improves energy recovery by 10%, and an evaporative cooling system that reduces water and power consumption by 20% compared to standard systems. Designed for zero-process water discharge, the facility aligns with Shyam Metalics’ sustainability goals.

Additionally, the company launched a 1.11 MTPA sinter plant, which will process iron ore fines into blast furnace feedstock, boosting efficiency and reducing production costs.

Brij Bhushan Agarwal, Vice Chairman and Managing Director, Shyam Metalics, stated, "The new blast furnace and sinter facility will enhance India’s steel production capabilities, supporting regional industrial growth and job creation."

Over the past year, Shyam Metalics’ stock has surged by 89%, outperforming the Sensex, which rose by 21% during the same period.

(Business Standard)