Steel Strips Wheels surges on winning export orders

The stock surged 6% to Rs 406 after the company won exports order for supply of high speed trailer steel wheels for the European trailer market.

Steel Strips Wheels Ltd (SSWL) has surged 6% to Rs 406 on the BSE after the auto parts & equipment makers announced that it has received exports order for supply of high speed trailer (Caravan) steel wheels for the European trailer market.

“Order comprises of supplying about 28,000 wheels in the next 8 months from SSWL’s Chennai plant generating revenues of about Euro 148,000,” the company said in a statement.

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This order augments SSWL’s presence in the highly competitive Caravan wheels market. More orders for these wheels are expected in coming few weeks for the European trailer market, it added.

On Monday, the company said that it had received order for supplying about 25,000 wheels worth of Euro 155,000.

In past two trading sessions, the stock rallied 10% from Rs 369 on April 13, 2016.

At 10:16 am, the stock was up 4.6% at Rs 400 on the BSE. The trading volumes on the counter more than doubled with a combined 76,860 shares changed hands on the BSE and NSE so far.