Steel Strips Wheel gains on winning export orders

Steel Strips Wheel (SSWL) rose 1.07% to Rs 439.85 after the company said it received new orders worth over $71,000 from the US.

Steel Strips Wheels (SSWL) on Wednesday (15 July) said it bagged new orders for mobile home market from USA. The order comprises of almost 8,200 steel wheels to be executed in August from the company's Chennai plant. The revenue thus generated would be a total of $71,000. Similar orders are expected in times to come from other regular customers as the market regains normalcy. This will support further ramping up of production at Chennai steel wheels plant, SSWL said in a statement.

SSWL on Tuesday (14 July) announced that it received new orders worth about 200,000 euros for supplying over 29,000 wheels for European caravan trailer market. The order will be executed in August from the company's Chennai plant.

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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