Shyam Metalics up 9%; forays into stainless steel biz with Mittal Corp buy

On Tuesday, SMEL announced their third acquisition of Mittal Corp with a foray into the stainless steel (SS) / wire rod & bar mill business.

Shares of Shyam Metalics and Energy (SMEL) surged 9 per cent to Rs 318.55 on the BSE in Wednesday’s trade as the company forayed into the stainless steel (SS) business by acquiring Mittal Corp in a NCLT-led resolution process.

On Tuesday, SMEL, a leading integrated metal producing company based in Kolkata, announced their third acquisition of Mittal Corp with a foray into the stainless steel (SS) / wire rod & bar mill business. The matter is subjudice and shall be resolved in due course, the company said in a press release.

This inorganic growth will witness the establishment