Steel Strips Wheels on a roll over JV approval

DALAL STREET SPIKES

Steel Strips Wheels was up 9.31 per cent to close at 195.50 as compared with its previous close of Rs 178.85 after the board of directors approved putting up a joint venture company for setting up a 0.8 million wheel capacity manufacturing plant at Jamshedpur. The project which would be completed in two phases will cater to Tata Motors.

Last month, the company also secured an export order for supply of wheels to Germany for Daewoo Matiz car from Kromag Metallindustires, Europe's second-largest steel wheels distributor.

The company saw a 72 per cent rise in net profit for the quarter ended 30 June 2005 to Rs 3.84 crore and net sales went up by 42.3 per cent to Rs 40.72 crore.

Steel Strips, manufacturer of wheel rims for cars and utility vehicles, also supplies its products to major car manufacturers such as Maruti Udyog, Fiat Palio, Honda, General Motors, Mahindra & Mahindra, Tata Motors and Bajaj Tempo.