Steel Strips Wheels gains after bagging export order

Steel Strips Wheels rose 2.81% to Rs 1,079.90 at 12:09 IST on BSE after the company said it bagged an export order from Egypt for supplying 32,500 steel wheels.

The announcement was made during trading hours today, 22 December 2017.

Meanwhile, the S&P BSE Sensex was up 161.45 points, or 0.48% to 33,917.73.

On the BSE, 2,742 shares were traded in the counter so far, compared with average daily volumes of 2,164 shares in the past two weeks. The stock had hit a high of Rs 1,083.95 and a low of Rs 1,054.95 so far during the day. The stock hit a record high of Rs 1,100.95 on 1 December 2017. The stock hit a 52-week low of Rs 548 on 26 December 2016.

Steel Strips Wheels (SSWL) announced receiving exports order for supplying approximately 32,500 steel wheels to Egyptian passenger car market. Wheels will be shipped from SSWL's Dappar plant in Punjab from next month onwards. This order strengthens SSWL's position as a strong player in this region.

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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