/cdn.vox-cdn.com/uploads/chorus_asset/file/25784221/247333_EOY_Package_Check_In_CVirginia_PRIME.jpg?w=400&resize=400,250&ssl=1 "Amazon Prime Video: the best shows from 2024")
Mukul Agrawal portfolio: SME stock soars 15%; zooms 223% over issue price
Source: Business Standard
Siyaram Recycling Industries share price hit a new high of Rs 148.65 as they surged 15 per cent on the BSE in Monday’s intraday trade, amid heavy volumes, in an otherwise weak market. The rally in Siyaram Recycling share price came after the company’s board approved allotment of over 2 million equity shares of the company to Mukul Agrawal.
The board of directors of Siyaram Recycling Industries, at its meeting held on Saturday, October 5,2024, approved fund raising by up to Rs 35.40 crore through preferential issue. The board approved allotment of 3 million equity shares of the company at an issue price of Rs 178 per share to 26 allotters.
Click here to connect with us on WhatsApp
The proposed allotters include investor Mukul Agrawal, to whom the board has approved the allotment of 2.2 million equity shares, the company said in an exchange filing.
According to Trendlyne.com, as on June 30, 2024, Mukul Agarwal held over 1 per cent stake in around 50 stocks. The list includes BSE Limited, Neuland Laboratories, Nuvama Wealth Management, Radico Khaitan, Strides Pharma Science, and Intellect Design Arena.
At 02:16 PM, Siyaram Recycling Industries share was trading 5 per cent higher at Rs 136 as compared to 0.86 per cent decline in the BSE Sensex. The average trading volume on the counter jumped over five-fold. As many as 573,000 shares, representing 3 per cent of total equity of the company, had changed hands on the BSE till the time of writing of this report.
The stock price of Siyaram Recycling Industries has zoomed 223 per cent over its issue price of Rs 46 per cent. The company made its stock market debut on December 21, 2023. Currently, Siyaram Recycling Industries is trading under small-and-medium enterprises (SME) group on the BSE.
The company is engaged in the business of segregation of brass scrap, manufacturing of brass ingots, billets and brass rods and manufacturing of brass based components (plumbing and sanitary parts) such as brass inserts, brass ceramic cartridges (brass spindles), brass valves, extension nipples etc. as per the customer’s requirements. The company caters domestic as well as International markets.
The expansion of the automotive and electrical industries is a big opportunity for the company. Both sectors rely heavily on brass for components like connectors, terminals, and electrical fittings. With the growing demand for electric vehicles and renewable energy infrastructure, the need for brass and its recycling is expected to increase.
Urbanisation in emerging economies is driving demand for construction materials, including brass, creating opportunities for recyclers to supply sustainable alternatives to virgin materials, the company said.
As the industry continues to adopt cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and automation, there will be further opportunities for enhanced operational efficiency, reducing waste, and increasing yield in recycling processes.
The government incentives, subsidies, and policies that support recycling industries, particularly in Europe and North America, are creating favorable environments for brass recyclers to thrive. This is also evident in emerging markets, where governments are increasingly promoting waste reduction and recycling, Siyaram Recycling Industries said in its FY24 annual report.
First Published: Oct 07 2024 | 3:08 PM IST
