SSWL hits record high

Steel Strips Wheels rose 1.66% to Rs 691.05 at 14:30 IST on BSE after the company said it has secured an export order for supply of caravan steel wheels for EU Trailer market.

The announcement was made during market hours today, 7 October 2016.

Meanwhile, the S&P BSE Sensex was down 57.41 points or 0.2% at 28,048.80.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 12,087 shares in the past one quarter. The stock rose as much as 3.77% at the day's high of Rs 705.40 so far during the day, which is a record high for the counter. The stock rose 0.03% at the day's low of Rs 680 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 6 October 2016, surging 19.39% compared with 3.01% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 40.26% as against Sensex's 3.46% rise.

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

The total order is for supplying about 1.15 lakh wheels in a period of six months. Orders will be executed from Steel Strips Wheels' (SSWL) Chennai plant with shipments starting from November 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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