Steel Strips Wheels advances after securing order

Steel Strips Wheels rose 1.35% to Rs 892 at 12:22 IST on BSE after the company said it has received export order for supply of steels wheels for EU aftermarket.

The announcement was made during market hours today, 12 July 2017.

Meanwhile, the S&P BSE Sensex was up 2.54 points, or 0.01% at 31,749.63. The S&P BSE Small-Cap index was up 29.86 points, or 0.19% at 15,836.29.

On the BSE, 3,889 shares were traded on the counter so far as against the average daily volumes of 4,659 shares in the past one quarter. The stock had hit a high of Rs 896.40 and a low of Rs 881 so far during the day. The stock had hit a record high of Rs 956.60 on 12 June 2017 and a 52-week low of Rs 467 on 19 July 2016.

The stock had underperformed the market over the past one month till 11 July 2017, declining 6.86% compared with the Sensex's 1.55% rise. The scrip had also underperformed the market over the past one quarter sliding 0.72% as against the Sensex's 6.58% rise. The scrip had, however, outperformed the market over the past one year advancing 81.4% as against the Sensex's 14.91% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) announced that the company has bagged another exports order for supply of 20,000 steel wheels for EU aftermarket. This order covers supplies of over 20,000 wheels in a period of 3 months. Wheels would be dispatched from SSWL's Chennai plant from July 2017 onwards. This repeat order of 10,000 more wheels is expected by end of September 2017. This order further augments SSWL's strong presence in the extremely competitive EU aftermarket.

Steel Strips Wheels' net profit rose 12.2% to Rs 20.74 crore on 23.1% increase in net sales to Rs 380.15 crore in Q4 March 2017 over Q4 March 2016.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

Powered by Capital Market - Live News