Steel Strips Wheels (SSWL) rose 1.34% to Rs 1730 after the company announced the signing of a memorandum of understanding (MoU) for close to $105 million from Western Hemisphere.
As per the MoU, SSWL will supply steel and aluminium wheels for a minimum period of three years.
Supplies of steel wheels will begin from Chennai and Dappar plant by September 2021 and supplies from Mehsana plant for the aluminium wheels will begin by end of December 2021.
This shows strong confidence of the customers in SSWL to develop long term strategic partnerships, the company said in a statement.
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 reported a net profit of Rs 51.08 crore in Q1 FY22 as against a net loss of Rs 38.09 crore in Q1 FY21. Net sales surged 463.84% YoY to Rs 678.13 crore during the quarter.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app