Steel Strips Wheels gains after winning export order

Steel Strips Wheels rose 3.91% to Rs 512 at 13:01 IST on BSE after the company said that it bagged its maiden export order from US-based Elio Motors.

The announcement was made during trading hours today, 5 August 2016.

Meanwhile, the S&P BSE Sensex was up 261.31 points, or 0.94%, to 27,975.68.

On BSE, so far 16,000 shares were traded in the counter, compared with an average daily volume of 9,844 shares in the past one quarter. The stock hit a high of Rs 521.85 and a low of Rs 492.75 so far during the day. The stock hit a record high of Rs 551.30 on 27 July 2016. The stock hit a 52-week low of Rs 284 on 17 February 2016. The stock had underperformed the market over the past one month till 4 August 2016, rising 1.22% compared with 1.6% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 20.83% as against the Sensex's 10.41% rise.

The small-cap company has equity capital of Rs 15.52 crore. Face value per share is Rs 10.

The latest order includes development of 2 ground wheels. Under the order, the company will supply approximately 3 million wheels spread over 5 years generating cumulative revenue of about $55 million. SSWL aims to increase its presence in North America by launching its commercial vehicle steel wheels and passenger car alloy wheels from its upcoming green field plants in India in coming months, SSWL said.

Net profit of Steel Strips Wheels rose 53.1% to Rs 18.60 crore on 11.2% rise in net sales to Rs 325.40 crore in Q1 June 2016 over Q1 June 2015.

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

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