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Steel Strip Wheels (SSWL) rose 2.52% to Rs 445 after the company received new orders worth for over $170,000 from US.
SSWL on Wednesday (1 July) said it has bagged firm exports orders for over 10,700 wheels for US caravan trailer market to be executed in the month of July & August from its Chennai plant. Similar orders are expected in times to come from other regular customers as the market regains normalcy.On the technical front, the stock's RSI (relative strength index) stood at 68.743. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 377.23 and its 200-day moving average (DMA) placed at 627.62.
SSWL's standalone net profit slumped 68% to Rs 6.29 crore on a 28.8% decline in net sales to Rs 343.60 crore in Q3 December 2019 over Q3 December 2018. The company is yet to announce its Q4 March 2020 results.
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.
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