Steel Strips Wheels net sales in April up 35% at Rs 95 cr

Steel Strips Wheels, a manufacturer of automotive wheels, today said its net sales increased by 35% to Rs 94.76 crore in April.

In terms of number of wheel rims, the company sold 9.51 lakh rims last month, it said in a filing to the BSE.

In April, 2011, the company had reported sales of 9.11 lakh rims, amounting to Rs 70.20 crore in sales.

Besides, the company also achieved highest ever sale of truck wheel rims last month, though it did not give the figure.

The company said it achieved exports growth of 70.57% at 147,114 rims during the month, as compared to 86,245 rims during the corresponding period of last year.

On April 30, the company's Board had approved preferential allotment of 7.30 lakh shares worth Rs 21.90 crore to promoters, R K Garg and DHG Marketing Pvt Ltd.

Shares of Steel Strips Wheels closed today at Rs 221 apiece on the BSE, up 0.27% over their previous close.