“As India gets ready to set up Lithium-ion cell Giga-factories as part of the government’s production-linked incentive (PLI) scheme, we now foray into raw material space for Lithium-ion cell manufacturing. This strengthens the indigenization drive in the strategically important energy storage solutions sector,” the company said.

Third-party laboratories have tested and verified the customised battery aluminium foil from Shyam Metalics, with thicknesses ranging from 12-micron to 20-micron.

Two promoter entities- Narantak Dealcomm and Subham Buildwell, will sell up to 1.3 crore shares or 5.11 percent stake in the company through the OFS in order to comply with SEBI's minimum public shareholding norms.

ICICI Securities is bullish on Shyam Metalics and Energy recommended buy rating on the stock with a target price of Rs 690 in its research report dated August 12, 2023.

There is a good chance that Nifty may hit a fresh all-time high this week, but 19,000 will be an immediate and critical barrier.