Steel Strips Wheels (SSWL) rose 2.6% to Rs 657.55 after the company said that it had received new export orders worth over 53,000 euros from Europe.
SSWL has bagged firm export orders of nearly 5,000 wheels for the EU Caravan market. The orders is to be executed in April 2021 from the company's Chennai plant.
The company anticipates orders of larger capacity from similar customers in coming weeks as Caravan industry continues to see strong demand in EU. The announcement was made during market hours today, 19 February 2021.
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 net profit soared 4.57 times to Rs 28.75 crore in Q3 FY21 from Rs 6.29 crore in Q3 FY20. Revenue from operations during the quarter increased by 52.66% year-on-year (YoY) to Rs 524.54 crore in Q3 FY21.
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