Shyam Metalics approves solar stake buy and coal capex
after close2 sources ↓machine-written, see hownot a recommendation
- SHYAMMETL close
- ₹1,163
- On the day
- +1.87%
- 52-week high
- ₹1,241
- 52-week low
- ₹746.00
Shyam Metalics and Energy’s board approved the acquisition of a 51% controlling stake in Alom Solar Private Ltd., subject to completion of the proposed transaction. Alom Solar will become a subsidiary, giving the company exposure to the Phutamura coal block in Chhattisgarh. The board also approved an initial development and operationalisation capex budget of about ₹360 crore, with the company’s planned contribution at roughly ₹183.6 crore for its 51% share. The proposal marks a move beyond its existing metals operations into coal mining-linked assets ⚡.
The board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 Sep 2026. It also backed the induction of LIC nominee Debashis Prasad Pattanaik as a director, subject to shareholder and regulatory clearances. The nomination would strengthen institutional oversight, while the proposed acquisition could provide greater control over a captive or strategically linked coal resource once the required approvals and transaction steps are completed.
Key Points:
• 51% controlling stake in Alom Solar was approved, with the target expected to become a subsidiary after completion.
• ₹360 crore initial capex was cleared for the Phutamura coal block in Chhattisgarh; the company’s planned share is about ₹183.6 crore.
• The LIC nominee’s board induction remains conditional on shareholder and regulatory clearances, so governance changes are not yet final.
• OI Charts data showed the stock closing at ₹1,163 on 30 Oct 2026, up 1.9% on the day on volume of 174,674. The stock was down 2.7% over five sessions but up 8.8% over 20 sessions, and remained below its 52-week high of ₹1,240 recorded on 19 Oct 2026.
For the metals and energy segments, the announcement links future capital allocation to coal-block development and could alter the company’s operating mix. The immediate market focus is likely to remain on transaction completion, regulatory and shareholder approvals, the final acquisition terms, and the next disclosures on project timelines, funding and commissioning. Investors will also track the newly approved September-quarter results for evidence of how the existing metals business is performing alongside the proposed expansion 🏭.
Source: TipRanks, 31 Oct 2026
Not investment advice. For informational purposes only.