Steel Strips on a roll after bagging export order

Steel Strips Wheels rose 2.04% to Rs 375 after the company said it won new order worth over $400,000 for supplying truck steel wheels to the USA.

SSWL bagged fresh exports order for truck & trailer market from USA. The order comprises supplies of close to 10,000 truck steel wheels between June to September from its Chennai plant. Total revenue generated by this additional order would be over $400,000.

The company said it expects additional orders for larger quantities in coming weeks from several other regular customers in USA. "This order strengthens gradual production ramp-up of SSWL Chennai Truck wheels plant post Covid-19 shutdown," it stated in a release issued today, 17 June.

Meanwhile, SSWL yesterday announced it has bagged exports orders worth about 221,000 euros from Europe for over 36,000 wheels for European Union (EU) caravan & truck trailer market to be executed in July & August from its Chennai plant.

The company'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 gained 4.5% in four trading days from its previous closing low of Rs 358.75 on 11 June 2020.

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.

Powered by Capital Market - Live News