Steel Strips Wheels spurts after good sales in November

Steel Strips Wheels rose 11.77% to Rs 610.15 at 14:20 IST on BSE after the company reported 14% rise in total wheel rim sales of 11.99 lakh units in November 2016 over November 2015.

The announcement was made during trading hours today, 1 December 2016.

Meanwhile, the BSE Sensex was up 2.04 points, or 0.01%, to 26,654.85.

On BSE, so far 43,000 shares were traded in the counter, compared with average daily volume of 10,058 shares in the past one quarter. The stock hit a high of Rs 623.45 and a low of Rs 548.40 so far during the day. The stock hit a record high of Rs 775 on 14 October 2016. The stock hit a 52-week low of Rs 284 on 17 February 2016. The stock had underperformed the market over the past 30 days till 30 November 2016, falling 19.47% compared with the 4.39% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.26% as against Sensex's 6.23% decline.

The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said the sales were heavily skewed towards the heavier wheels. Export volumes declined 24% in November 2016 over November 2015, due to a very high base of last year and it will normalise going ahead with many new exports orders starting from the month of December 2016.

In terms of value, SSWL recorded 22% growth in gross turnover to Rs 128.62 crore in November 2016 over November 2015. Net turnover rose 22% to Rs 115.25 crore in November 2016 over November 2015.

Net profit of SSWL rose 19.9% to Rs 18.02 crore on 2.8% decline in net sales to Rs 290.95 crore in Q2 September 2016 over Q2 September 2015.

SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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