Steel Strips Wheels gains after winning order

Steel Strips Wheels rose 3.37% to Rs 950.60 at 11:05 IST on BSE after the company said it bagged another exports order for European trailer market.

The announcement was made during trading hours today, 30 November 2017.

Meanwhile, the S&P BSE Sensex was down 228.24 points, or 0.68% to 33,374.52.

On the BSE, 3,074 shares were traded in the counter so far, compared with average daily volumes of 3,750 shares in the past one quarter. The stock had hit a high of Rs 951 and a low of Rs 921 so far during the day. The stock hit a record high of Rs 999 on 28 November 2017. The stock hit a 52-week low of Rs 540 on 30 November 2016.

Steel Strips Wheels (SSWL) said that it bagged fresh exports order for its truck wheels plant in Chennai. Total order size is close to 6,000 truck wheels to be supplied over period of 12 months. Supplies will begin from December 2017.

SSWL said it is in advanced stage of discussions to finalise long term contracts with multiple European customers and expects to close them by early next year. The company said it has already marked its entry in the high potential truck and trailer steel wheels market in EU and aims to strengthen it in near future.

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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