Steel Strips Wheels (SSWL) said that it had received new export orders worth over $304,000 (approximately Rs 2.23 crore) from US and Europe.
SSWL confirmed export orders of nearly 33,000 wheels for US & EU market. The orders are to be executed in January and February 2021 from the company's Chennai plant. The firm is anticipating orders of similar capacity from the same customer base as businesses have picked up speed. The announcement was made during market hours today, 24 December 2020.
SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.
The company's standalone net profit jumped 82.3% to Rs 14.02 crore on a 11.8% rise in net sales to Rs 404.74 crore in Q2 September 2020 over Q2 September 2019.
The scrip shed 0.53% to Rs 484. It traded in the range of 482.75 and 500 so far during the day.
On a year-to-date (YTD) basis, the stock has declined by 36.74% while the benchmark S&P BSE Sensex has added 13.56% during the same period.
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