Multibagger Shyam Metalics share price drops 14% from all-time high amid Q2 results, profit booking. Should you buy?
Live MintMultibagger stock Shyam Metalics share price continued to decline for the second consecutive session on Friday after the release of its Q2 results, which revealed a 55% drop in net profit to ₹216 crore for the quarter ending September 2024, despite solid revenue growth. The decline in profits for the quarter was attributed by the company to an adjustment of ₹328 crore related to deferred tax assets and the reversal of the Income Tax provision due to carried forward losses from the acquisition of Mittal Corp Ltd the previous year. Shyam Metalics share price today Shyam Metalics share price today opened at an intraday high of ₹858.10 apiece, the stock touched an intraday low of ₹820.25 per share on BSE. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, stated that Shyam Metalics share price witnessed profit booking in yesterday's session, and today further weakness is observed.