Steel Strips Wheels gains after winning export order

Steel Strips Wheels rose 1.57% to Rs 1,008.05 at 11:10 IST on BSE after the company said it received a new export order for 24,500 wheels.

The announcement was made during trading hours today, 18 December 2017.

Meanwhile, the S&P BSE Sensex was up 263.63 points, or 0.79% to 33,726.60.

On the BSE, 537 shares were traded in the counter so far, compared with average daily volumes of 5,148 shares in the past two weeks. The stock had hit a high of Rs 1,022 and a low of Rs 950 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 bagging a new exports order for supplying steel wheels to European Union (EU) caravan market. Order volume of 24,500 wheels comprises mix of 13-inch and 14-inch steel wheels to be shipped from SSWL's Chennai plant in January and February 2018. This repeat order strengthens SSWL's position as a leading supplier of caravan Steel wheels in European region, the company said in a statement.

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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