Steel Strips Wheels gains speed after winning order

Steel Strips Wheels gained 1.74% to Rs 895 at 12:05 IST on BSE after the company said that it has bagged a tractor wheels export order from Europe.

The announcement was made during market hours today, 16 October 2017.

Meanwhile, the S&P BSE Sensex was up 133.34 points or 0.41% at 32,566.03. The S&P BSE Small-Cap index was up 38.75 points or 0.23% at 16,964.41, underperforming the Sensex.

On the BSE, 1,195 shares were traded on the counter so far as against the average daily volumes of 1,701 shares in the past one quarter. The stock had hit a high of Rs 900 and a low of Rs 888 so far during the day. The stock had hit a record high of Rs 956.60 on 12 June 2017 and a 52-week low of Rs 481.10 on 22 November 2016.

The stock had underperformed the market over the past one month till 13 October 2017, gaining 0.01% compared with the Sensex's 0.77% gains. The stock had also underperformed the market over the past one quarter, falling 0.19% as against the Sensex's 1.23% rise. The scrip had, however, outperformed the market over the past one year, gaining 19.99% as against the Sensex's 17.33% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) announced a strategic partnership with a European tractor manufacturer, in which SSWL will supply 100% of this customer's wheel requirement.

This is SSWL's first entry into the European tractor market. The estimated value of the contract is Rs 22 crore for a period of 4 years. The supplies will start within the current financial year, SSWL added.

Net profit of Steel Strips Wheels fell 5.1% to Rs 16.41 crore on 4.3% drop in net sales to Rs 311.74 crore in Q1 June 2017 over Q1 June 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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