Steel Strip Wheels (SSWL) rose 1.68% to Rs 396.65 after the company said it received new orders worth about 100,000 euros from Europe & US.
SSWL has bagged firm exports orders for over 12,000 wheels for EU & US caravan trailer & US mobile home market to be executed within July from its Chennai plant."This reaffirms gradual re-start of operations in EU & US post Covid lockdown. Additional orders are expected in coming weeks from several other regular customers as the market begins to recover," the company said.
On Friday (19 June), SSWL said it bagged fresh exports order for truck & trailer market from USA. Order comprises supplies of over 2,700 truck steel wheels in July from its Chennai plant. Total revenue generated by this additional order would be over $110,000. Additional orders for larger quantities are expected in coming weeks from several other regular customers in USA.
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.
The stock has surged 20.76% in last one month compared with 18% rise in benchmark BSE Small Cap index.
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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