New export order boosts Steel Strips Wheels

Steel Strips Wheels surged 6.04% to Rs 349.50 at 12:09 IST on BSE after the company said it has bagged an export order worth euro 5.8 million from Renault Brazil.

The order was announced during market hours today, 25 February 2015.

Meanwhile, the S&P BSE Sensex was up 210.91 points or 0.73% at 29,215.57.

On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 11,070 shares in the past one quarter.

The stock hit a high of Rs 359 and a low of Rs 329 so far during the day. The stock had hit a 52-week high of Rs 395.95 on 19 January 2015. The stock had hit a 52-week low of Rs 124 on 3 March 2014.

The stock had underperformed the market over the past one month till 24 February 2015, sliding 7.17% compared with the Sensex's 0.94% fall. The scrip had also underperformed the market in past one quarter, declining 3.71% as against Sensex's 1.77% rise.

The small-cap automotive steel wheels manufacturer has equity capital of Rs 15.26 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said it has bagged an exports order from Renault Brazil. The order strengthens the exports dominance of SSWL with Renault global, the company said. SSWL's global share of business is steadily increasing with Renault and it hopes to maintain the dominance, SSWL said. This order will cater to both domestic and exports requirement for Renault Global. The order is worth Euro 5.8 million for a total supply of 7.60 lakh wheels, SSWL said in a statement.

SSWL's net profit rose 45.5% to Rs 9.56 crore on 7.2% growth in net sales to Rs 266.65 crore in Q3 December 2014 over Q3 December 2013.

SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian & global automobile manufacturers. its product range comprises steel wheels for two and three wheelers, passenger cars, multi utility vehicles, tractors, trucks and OTR vehicles.

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