New export order boosts SSWL

Steel Strips Wheels rose 1.49% to Rs 474.85 at 15:18 IST on BSE after the company said it has secured an export order worth about $2.4 million.

The announcement was made during market hours today, 20 July 2016.

Meanwhile, the S&P BSE Sensex was up 122.49 points or 0.44% at 27,910.11.

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 9,131 shares in the past one quarter. The stock hit a high of Rs 488 and a low of Rs 469 so far during the day. The stock had hit a record high of Rs 495 on 15 July 2016. The stock had hit a 52-week low of Rs 284 on 17 February 2016. The stock had outperformed the market over the past one month till 19 July 2016, advancing 7.26% compared with Sensex's 4.36% rise. The scrip had also outperformed the market in past one quarter, gaining 22.39% as against Sensex's 7.64% rise.

The small-cap company has equity capital of Rs 15.52 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said it has secured its maiden export order from Mobius Motors, Kenya. Supplies would be executed from the company's Dappar plant in Punjab. SSWL, which is already supplying wheels to Morocco and Egypt, aims to further increase its presence in the African continent. Recent order from Kenya supports this strategy, SSWL said.

SSWL's net profit rose 55.1% to Rs 18.49 crore on 5.1% growth in net sales to Rs 308.88 crore in Q4 March 2016 over Q4 March 2015.

SSWL designs & manufactures automotive steel wheels and is among the leading supplier to Indian & global automobile manufacturers.

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