In the last six months, the scrip has surged 67.05% while the benchmark Nifty 50 and Nifty 50 indices have added 15.77% and 21.13%, respectively.

On Monday (September 25), Shyam Metalics and Energy announced its entry into energy storage sector with battery-grade Aluminum foil, a critical component in Lithium-ion cells.

The company gears towards becoming one of the first large-scale domestic contributors to the government's AatmaNirbhar Bharat initiative in the battery energy storage sector.

Shyam Metalics, a major producer and exporter of Aluminum foil for various industrial applications with an annual production capacity of 20,000 tons will allow India to corner a share for raw materials in the global Lithium-ion cell market, which is expected to reach 6500GWh/year capacity by 2030.

Brij Bhushan Agarwal, Vice Chairman & Managing Director, said, “We are thrilled to foray into manufacturing battery foil and support the government to mobilize resources to indigenize battery cell manufacturing.

We believe that India's energy transformation will skyrocket as we delve into lithium-ion battery foil manufacturing, supporting the government's efforts to localize battery cell production.

This move will free India from import dependence, strengthen upstream component manufacturing, enhance material processing, nurture skills, foster technology know-how, and fortify the infrastructure for a wholly indigenous value chain."

Shyam Metalics And Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is amongst the largest producers of ferro alloys, one of the leading players in terms of pellet capacity and the fourth largest player in the sponge iron industry in terms of sponge iron capacity in India.

The company reported 43.2% fall in consolidated net profit to Rs 235.2 crore in Q1 FY24 from Rs 413.8 crore in Q1 FY23. Revenue from operations rose by 2.6% YoY to Rs 3,306.8 in the first quarter of FY24.