Shyam Metalics and Energy announced the commencement of operations at its advanced Coke Oven Plant in Jamuria, West Bengal. The new facility began production, reflecting a significant step forward in the company`s expansion and sustainability goals. Backward integration will enhance the company`s bottom line by reducing costs and increasing control over the supply chain. The coke oven plant which was heated for commissioning has begun receiving raw materials. It is comprised of two batteries, each containing 35 ovens. The factory will largely employ coal imported from Australia, Indonesia, and Russia to create high-quality coke. This coke will be used in Shyam Metalics` blast furnace, sinter plant, and ferroalloys facility, increasing production efficiency and quality across all facilities. The new plant`s eco-friendly features are one of its major highlights. The plant complies with strict environmental regulations and is friendly to the environment with its non-recovery type coke oven design, which ensures zero emissions. Furthermore, the waste heat recovery boiler (WHRB) facility will catch and use the flue gas released during the coke production process to generate electricity, increasing the plant`s efficiency and reducing its impact on the environment.Powered by Capital Market - Live News

Shyam Metalics & Energy announced the expansion of its production capabilities with the establishment of a state-of-the-art Greenfield Cold Rolling Mill (CRM) in Jamuria, West Bengal. This strategic investment highlights Shyam Metalics` commitment to enhancing its product portfolio and extending its reach in both domestic and international markets. The facility commenced trial run under Shyam Metalics Flat Product, a wholly owned stepdown subsidiary of SMEL. It is in line with government industrial policies and supports the company`s strategic strategy. With a total capacity of 400,000 tons annually, the new Cold Rolling Mill is a cutting-edge establishment. The project has a total capital cost of Rs 603 crore, with Rs 346 crore invested and Rs 257 crore pending. The mill will specialize in producing pre-painted galvalume coils (PPGL) and coils of galvanized iron/galvanized steel (GI/GL). With this expansion, Shyam Metalics will be able to produce steel products of the highest caliber and further strengthen its integrated steel manufacturing capabilities. Powered by Capital Market - Live News

Shyam Metalics & Energy is set to embark into clean energy with the integration of rooftop and floating solar in their PAN India facilities. This initiative is a testament to the company`s commitment to sustainable energy, decarbonization, and supporting the country`s green & clean energy mission.The company has announced Phase 1 of this project with an installed capacity of 5.2 MWp and shall be followed by Phase 2 having an installed capacity of 4.8 MWp. Phase 3 of the project is being executed in Group Captive and OPEX modal, wherein the Renewable Energy Service Company (RESCO) along with Shyam Metalics & Energy shall develop 10.43 MWp distributed projects and the generated electricity shall be utilized for captive consumption at an agreed tariff. The proposed projects encompass the installation of floating solar and rooftop plants on the industrial sheds, administrative & residential buildings and reservoirs located inside the company`s manufacturing plant premises at Kolkata, Pakuria, Jamuria, Mangalpur in West Bengal; Sambalpur in Odisha & Pithampur in Madhya Pradesh. In FY 24, average power cost was Rs. 3.10/Kwh. Implementation of the above Solar Plant will further help in reduction in the power cost.The cumulative solar capacity of 20.43 MWp is estimated to produce 35,793.36 MWh of clean energy per year, offsetting 35,077.49 tons of CO2 emissions. Floating solar installations will aid in water conservation by reducing evaporation. Furthermore, the cooling effect of water bodies is projected to enhance photovoltaic panel performance by 5-10%. The company currently boasts a captive power generation capacity of 377 MW and 9 MW of Renewable power generation capacity and uses in production long steel products, ferro alloys, and aluminum foils across the value chain. The company is also engaging EPC partners for CAPEX projects and RESCO for OPEX projects to ensure efficient and cost-effective implementation. Powered by Capital Market - Live News

Shyam Metalics & Energy announced that the 22th Annual General Meeting (AGM) of the company will be held on 6 September 2024.Powered by Capital Market - Live News

Net profit of Shyam Metalics & Energy rose 36.29% to Rs 278.14 crore in the quarter ended June 2024 as against Rs 204.08 crore during the previous quarter ended June 2023. Sales rose 8.36% to Rs 3611.61 crore in the quarter ended June 2024 as against Rs 3333.03 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales3611.613333.03 8 OPM %13.5012.42 - PBDT511.99406.96 26 PBT376.13248.91 51 NP278.14204.08 36 Powered by Capital Market - Live News