SSWL scales record high after overseas order win

Steel Strips Wheels rose 3.43% to Rs 1,204.95 at 12:45 IST on BSE, after the company announced securing a maiden truck wheels order worth close to $2 million from USA .

The announcement was made during market hours today, 10 January 2018.

Meanwhile, the S&P BSE Sensex was down 71.36 points or 0.21% at 34,371.83. The S&P BSE Small-Cap index was down 89.50 points, or 0.45%, to 19,821.67.

On the BSE, 1,763 shares were traded on the counter so far as against the average daily volumes of 5,252 shares in the past one quarter. The stock had hit a high of Rs 1,225 so far during the day, a record high. The stock hit a low of Rs 1,165 so far during the day. The stock had hit a 52-week low of Rs 660 on 17 February 2017.

The stock had outperformed the market over the past one month till 9 January 2018, rising 12.77% compared with 3.59% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 31.92% as against Sensex's 8.15% rise. The scrip also outperformed the market in past one year, surging 70.97% as against Sensex's 28.87% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said that the company has bagged a maiden exports order from high potential US Truck & Trailer aftermarket for its truck steel wheels. The total annual potential of this business is 45,000 wheels. Wheels to be dispatched from new truck wheels plant in Chennai from this month onwards. This order marks SSWL's entry into US territory, the company said. SSWL is in discussions with other large truck & trailer makers in USA and expects to get more orders in this segment in near future. SSWL expects to increase its presence in Truck & Trailer wheels market in US & EU in the coming months, it added.

Net profit of Steel Strips Wheels rose 14.5% to Rs 18.17 crore on 29.6% rise in net sales to Rs 377.93 crore in Q2 September 2017 over Q2 September 2016.

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

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