Steel Strips Wheels extends gains after bagging order

Steel Strips Wheels rose 2.18% to Rs 1,072 at 10:40 IST on BSE after the company announced that it has bagged another export order for supply of steel wheels for European Union caravan market.

The announcement was made during market hours today, 5 December 2017.

Steel Strips Wheels (SSWL) said that the order comprised of 18,500 newly developed steel wheels to be shipped from the company's Chennai plat from this month onwards.

Meanwhile, the S&P BSE Sensex was down 117.43 points or 0.36% at 32,752.29. The S&P BSE Small-Cap index fell 82.51 points or 0.46% to 17,841.86, underperforming the Sensex.

On the BSE, 2,792 shares were traded on the counter so far as against average daily volumes of 4,664 shares in the past one quarter. The stock had hit a high of Rs 1,073 and a low of Rs 1,030 so far during the day. The stock had hit a record high of Rs 1,100.95 on 1 December 2017 and a 52-week low of Rs 548 on 26 December 2016.

The stock has surged 16.57% in four sessions to its ruling price, from a close of Rs 919.60 on 29 November 2017.

The stock had outperformed the market over the past one month till 4 December 2017, gaining 20.27% compared with the Sensex's 2.42% decline. The stock had also outperformed the market over the past one quarter, advancing 19.4% as against the Sensex's 3.68% rise. The scrip had also outperformed the market over the past one year, rising 73.21% as against the Sensex's 25.31% rise.

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

Net profit of Steel Strips Wheels rose 14.5% to Rs 18.17 crore on 29.6% rise in net sales to Rs 377.93 crore in Q2 September 2017 over Q2 September 2016.

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

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