New repeat order boosts Steel Strips Wheels

Steel Strips Wheels rose 1.58% to Rs 622 at 14:09 IST on BSE after the company said it has bagged a repeat exports order for supply of steel wheels for winter market in EU and Canada.

The announcement was made during market hours today, 30 December 2016.

Meanwhile, the S&P BSE Sensex was up 269.03 points or 1.02% at 26,635.18.

On the BSE, 5,983 shares were traded on the counter so far as against the average daily volumes of 10,989 shares in the past one quarter. The stock had hit a high of Rs 628.95 and a low of Rs 611.40 so far during the day.

The stock had hit a record high of Rs 775 on 14 October 2016 and a 52-week low of Rs 284 on 17 February 2016. It had outperformed the market over the past one month till 29 December 2016, advancing 13.78% compared with the Sensex's 0.11% fall. The scrip had also outperformed the market in past one quarter, gaining 7.85% as against the Sensex's 5.25% fall.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

The total order value would be more than $107,000 for supplies in a period of four months. Orders comprise mix of 14, 17 and 18 inch steel wheels to be supplied from the company's Chennai plant with shipments starting from next month.

Net profit of Steel Strips Wheels rose 19.9% to Rs 18.02 crore on 2.8% decline in net sales to Rs 290.95 crore in Q2 September 2016 over Q2 September 2015.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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