Steel Strips Wheels soars 25% in 2 days on bagging orders worth Rs 113 cr

In past one month, the stock of SSWL has rallied 81 per cent, as compared to a marginal 0.26 per cent rise in the S&P BSE Sensex

Shares of Steel Strips Wheels (SSWL) hit a 52-week high of Rs 1,350 as they soared 18 per cent on the BSE in intra-day trade on Wednesday, rising 25 per cent in the past two days after the company said it received new orders for over $15 million (Rs 113 crore) from Western Hemisphere.

“SSWL confirms export orders valued over $15 million from Western Hemisphere. SSWL will complete their execution by August 21 from its Chennai and Dappar plants. Orders for a similar capacity are anticipated in coming months from similar customer base as the business continues to recover rapidly," the company said in a BSE filing.

In a separate regulatory filing, SSWL said, on Tuesday, July 13, 2021, the promoters released 133,000 pledged shares, and accordingly, now the number of shares pledged has been reduced to 3.28 million, which is 21.05 per cent of the total paid-up capital of the company and 33.53 per cent of total promoter shareholding.

The promoters along with the persons acting in concert hold 9.8 million equity shares in SSWL, which is 62.77 per cent of the total paid up capital of the company and out of which 3.42 million equity shares were pledged which was 21.9 per cent of the total paid-up capital of the company and 34.89 per cent of total promoter shareholding, SSWL said.

In the past one month, the stock of SSWL has rallied 81 per cent, as compared to a marginal 0.26 per cent rise in the S&P BSE Sensex. At 10:20 am, it was trading 17 per cent higher at Rs 1,337 as against a 0.16 per cent decline in the benchmark index. A combined around 400,000 shares had changed hands on the counter on the NSE and BSE.