Steel Strips firms up after order win

Steel Strips Wheels jumped 2.53% to Rs 462.30 after the company said it received new orders of $133,000 from the US.

Steel Strips announced export orders of nearly 10,000 wheels for US caravan trailer market, to be executed in October 2020 from its Chennai plant.

The company said it anticipated orders of similar capacity from the same customer base as businesses have picked up pace. The announcement was made during market hours today, 21 September 2020.

The stock has risen 45.6% from its 52-week low of Rs 317.35 on 20 May 2020. The stock hit a 52-week high of Rs 798 on 20 September 2019.

Steel Strip reported a net loss of Rs 38.09 crore in Q1 June 2020 as compared to a net profit of Rs 14.72 crore in Q1 June 2019. Net sales for Q1 June 2020 stood at Rs 120.07 crore, falling 74.4% from Rs 470.59 crore in Q1 June 2019.

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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