Steel Strip jumps on bagging new export orders

Steel Strip Wheels gained 3.5% to Rs 492 after the company received new orders for over 253,000 euros from Europe.

Steel Strip said it bagged export orders of nearly 37,000 wheels for EU caravan trailer market. The company said the order is to be executed in November & December from its Chennai plant. The firm expects orders of similar capacity from the same customer base as businesses have picked up speed.

Steel Strip on Thursday announced that it has bagged new orders worth $128,000 from US & EU market. The firm received export orders for around 12,000 wheels for US & EU caravan trailer market to be executed in September and October from its Chennai plant. The company said that production at the Chennai steel wheel plant will cross 100% utilization in both passenger and truck lines.

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.

On a standalone basis, the company reported a net loss of Rs 5.25 crore in Q4 March 2020 as against a net profit of Rs 19.92 crore posted in Q4 March 2019. Net sales declined 26.5% to Rs 387.07 crore in Q4 March 2020 over Q4 March 2019.

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