Steel Strips Wheels shines after bagging overseas export order

Steel Strips Wheels rose 1.72% to Rs 886.95 at 11:53 IST on BSE after the company said it has received export order for supply of steel wheels for EU Caravan & Canadian Winter market.

The announcement was made during trading hours today, 28 June 2017.

Meanwhile, the S&P BSE Sensex was down 6.25 points, or 0.02% at 30,952. The S&P Small-Cap index was up 56.35 points or 0.37% at 15,197.43.

On the BSE, 780 shares were traded in the counter so far, compared with average daily volumes of 5,311 shares in the past one quarter. The stock had hit a high of Rs 898 and a low of Rs 852.80 so far during the day. The stock hit a record high of Rs 956.60 on 12 June 2017. The stock hit a 52-week low of Rs 435.25 on 27 June 2016.

The stock had underperformed the market over the past one month till 27 June 2017, rising 3.09% compared with 0.23% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.54% as against Sensex's 5.89% rise. The scrip, however, outperformed the market in past one quarter, surging 94.39% as against Sensex's 17.25% rise.

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

Steel Strips Wheels announced that the company has bagged export order for supply of Steel wheels for EU Caravan & Canadian Winter market. This order covers supplies of approx 15,500 units of wheels with total order value above $150,000 and would be dispatched by end of July 2017 from the company's Chennai plant. This repeat order strengthens the company's position as a strong player in extremely competitive Caravan & Winter wheels market in EU and Canada, Steel Strips Wheels said.

Net profit of Steel Strips Wheels rose 12.17% to Rs 20.74 crore on 23.07% rise in net sales to Rs 380.15 crore in Q4 March 2017 over Q4 March 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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