New export order boosts Steel Strips Wheels

Steel Strips Wheels jumped 6.95% to Rs 323 at 10:16 IST on BSE after the company said it has bagged an order from Canadian passenger car aftermarket for the supply of wheels.

The announcement was made during market hours today, 20 May 2015.

Meanwhile, the S&P BSE Sensex was up 194.22 points or 0.7% at 27,839.75.

On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 2,799 shares in the past two weeks.

The stock hit a high of Rs 335 and a low of Rs 303.60 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 152 on 19 May 2014.

Steel Strips Wheels (SSWL) said that the latest export order marks the entry of SSWL in North America. Wheels would be shipped by end of June 2015, SSWL said. This order volumes are expected to go up to 40,000 wheels next year with total value of around $1 million per annum, the company said. The program will run for 5 years and resulting in volumes of 1.75 lakh and revenue addition of $4.5 million, SSWL said.

Apart from this, the company is also in advance stages of bagging an order from Polish aftermarket party for passenger car wheels, SSWL said. This compliments SSWL's strategy to increase its presence in the Global aftermarket requirements, it added.

SSWL's net profit rose 179.2% to Rs 11.92 crore on 3.7% decline in net sales to Rs 293.99 crore in Q4 March 2015 over Q4 March 2014.

SSWL designs & manufacture automotive steel wheels since 1991 and is among the leading supplier to Indian & global automobile manufacturers. The company' product range comprises steel wheels for two and three wheelers, passenger cars, multi utility vehicles, tractors, trucks & OTR vehicles.

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