Steel Strips Wheels gains on winning fresh export orders

Steel Strips Wheels (SSWL) gained 2.46% to Rs 442.95 after the company said it received new export orders worth over $170,000 from US and Europe.

SSWL on Wednesday (24 July) has bagged firm exports orders for over 20,000 wheels for US & Europe caravan trailer market to be executed from July until November from the company's Chennai plant. Additional orders are expected n coming weeks from several other regular customers as the market begins to recover. This will support further ramping up of production at Chennai steel wheels plant.

Earlier this month, SSWL received new orders worth about 221,000 euros for supplying over 36,000 wheels for European caravan & truck trailer market. It bagged fresh order worth over $400,000 to export 10,000 truck steel wheels to the US. It won another exports order worth $110,000 to supply over 2,700 truck steel wheels to the US. The firm bagged exports orders worth over 100,000 euros for supplying over 12,000 wheels for Europe & US caravan trailer and US mobile home market.

SSWL'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. The company is yet to announce its Q4 March 2020 results.

The stock has surged 34.86% in last one month compared with 20% rise in benchmark BSE Small Cap index.

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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