Steel Strips Wheels freezes at 10% upper circuit on record turnover in July

Shares of Steel Strips Wheels Limited (SSWL) were locked in the 10 per cent upper circuit band at Rs 1,508.10 on the BSE on Monday after the company announced it has achieved highest-ever net turnover of Rs 306.12 crore in July 2021. The auto parts and equipment manufacturing company has recorded 177 per cent year-on-year (YoY) growth over July 2020.

The company achieved gross turnover of Rs 372.22 crore in July 2021 as against Rs 132.75 crore in July 2020, thereby recording a growth of 180.39 per cent YoY, SSWL said in a release.

The export segment volume rose by 164 per cent YoY and crossed 1,000 million-mark for the first time ever in July 2021. The company expects the growth to continue going ahead in July-September quarter of the financial year 2021-22 (Q2FY22).

"The passenger vehicle (PV) volumes saw a growth with continued demand. Going into festival season, we hope that the upward growth for PV segment to continue in Q2. As regards to the tractor segment, the segment continued to report a positive growth in the month, as SSWL registered its highest-ever sales in the segment in July 2021 and hopes that this will continue with upward trend for Q2. The commercial vehicle (CV) segment reported 188 per cent YoY growth during the month and the segment is expected to witness momentum going ahead in coming months," it said.

The stock of SSWL was trading at its record high level on the bourses. In the past one month, it has zoomed 61 per cent as compared to a 0.88 per cent rise in the S&P BSE Sensex. Till 01:36 pm a combined 152,207 equity shares had changed hands and there were pending buy orders for around 27,000 shares on the NSE and BSE.