Steel Strips Wheels gains on bagging export orders

Steel Strips Wheels (SSWL) rose 1.37% to Rs 368.70 after the company said it received new orders worth about 221,000 euros from Europe.

Steel Strips Wheels (SSWL) announced on Tuesday (16 June) said that it has bagged firm exports orders for over 36,000 wheels for European Union (EU) caravan & truck trailer market to be executed in July & August from its Chennai plant.

"Adding new orders in its name, SSWL kick-starts operations in EU & US - a step towards normalization after the global pandemic of Covid-19. Additional orders for larger quantities are expected in coming weeks from several other regular customers," the company said.

The company's standalone net profit slumped 68% to Rs 6.29 crore on a 28.8% decline in net sales to Rs 343.60 crore in Q3 December 2019 over Q3 December 2018.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.

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