Shyam Metalics shares rally 23% to settle at Rs 375.85 on the debut day

Fueled by buoyant secondary market conditions and tales of a desirable product cycle in the future, the stock exchange opened higher on June 24, its first trading day, and closed the trade at a premium of close to 23%.
BSE shares rose 22.83%, bringing the number of shares settled at 375.85 rupees to 19.74 million rupees. The daytime high was 399.10 rupees (a 30% increase) and the low was 367 rupees, which was also the market price. On the
National Stock Exchange, it closed 22.92 per cent higher at 376.15 Rupees after reaching a daily high of 399 rupees and a low of 370 rupees. The valuation of the stock is reasonable and the sector is in the middle of a virtuous cycle. Angel Brokerage Lead Fund Analyst Mirandesai said investors could continue to invest in companies like Siamese Metals, especially under-leveraged companies, and ride a lucrative metal cycle over the next few years. Started operation after 23 years. This helps the company to respond to both domestic and export markets. The restraints imposed on world steel production capacity will benefit steel producers in India,” he said. Siamese Metallic Base mainly produces medium-length steel products, including iron pellets spongy iron, steel billet TMT structural products, wire rods, ferrous alloy products, etc. It is in the process of increasing its manufacturing plant and self-generation capacity from the current 5.71 MTPA and 227 MW to 11.6 million tonnes per year (MTPA) and 357 MW, respectively.
The proposed expansion is from 22 to 25. The
company has been awarded 909 kuro in a public offering. This was composed of the event of the new issuance of 657 Kurore and the sale of 252 Kurore. The newly issued proceeds will be used to repay the debt of 470 rupees.
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