Steel Strips Wheels gains after reporting decent sales in May

Steel Strips Wheels gained 1.98% to Rs 392.25 at 15:15 IST on BSE after the company said that total wheel rim sales rose 13% to 11.52 lakhs in May 2016 over May 2015.

The announcement was made during market hours today, 1 June 2016.

Meanwhile, the S&P BSE Sensex was up 90.42 points or 0.34% at 26,758.38.

On BSE, so far 6,362 shares were traded in the counter as against average daily volume of 7,496 shares in the past one quarter. The stock hit a high of Rs 399.35 and a low of Rs 388 so far during the day. The stock had hit a 52-week high of Rs 458 on 28 December 2015. The stock had hit a 52-week low of Rs 262.70 on 18 June 2015. The stock had underperformed the market over the past one month till 31 May 2016, falling 8.59% compared with 4.14% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 30.35% as against Sensex's 15.94% rise.

The small-cap company has equity capital of Rs 15.26 crore. Face value per share is Rs 10.

Steel Strips Wheels' gross turnover rose 16% to 125.47 crore in May 2016 over May 2015. Net turnover rose 16% to Rs 112.61 crore in May 2016 over May 2015. The company said that the product mix towards heavier wheel is having its impact on top line of the company and will have favourable impact on the overall profitability of the company.

Steel Strips Wheels (SSWL)'s net profit jumped 55.1% to Rs 18.49 crore on 5.1% growth in net sales to Rs 308.88 crore in Q4 March 2016 over Q4 March 2015.

SSWL designs & manufactures automotive steel wheels and is among the leading supplier to Indian & global automobile manufacturers.

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