SSWL hits record high

Steel Strips Wheels surged 5.2% to Rs 611.50 at 14:28 IST on BSE after the company said its total wheel rim sales rose 11% to 12.08 lakh units in September 2016 over September 2015.

The announcement was made during market hours today, 3 October 2016.

Meanwhile, the S&P BSE Sensex was up 344.13 points or 1.23% at 28,210.09.

On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 11,456 shares in the past one quarter. The stock hit a high of Rs 626.95 so far during the day, which is a record high for the counter. The stock hit a low of Rs 595 so far during the day. The stock had hit a 52-week low of Rs 284 on 17 February 2016. The stock had outperformed the market over the past one month till 30 September 2016, advancing 2.71% compared with 1.68% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 27.21% as against Sensex's 3.21% rise.

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

Steel Strips Wheels (SSWL) said that the tractor and passenger segment did extremely good and are expected to tread the same path in Q3 December 2016.

Net profit of Steel Strips Wheels rose 53.1% to Rs 18.60 crore on 11.2% rise in net sales to Rs 325.40 crore in Q1 June 2016 over Q1 June 2015.

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

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