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SSWL firms up on bagging export orders

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Steel Strips Wheels (SSWL) gained 1.3% to Rs 655 after the company confirmed export orders of over 93,000 wheels for EU caravan trailer market.

The order are to be executed in the period of April 21 to June 21 from the company's Chennai plant. "Orders of similar capacity are anticipated from similar customer base as businesses continue to recover rapidly," the company said.

In last one month, shares of Steel Strips Wheels rallied 10.1% compared with 2% decline in Nifty Auto 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.

The company's net profit soared 4.57 times to Rs 28.75 crore in Q3 FY21 from Rs 6.29 crore in Q3 FY20. Revenue from operations during the quarter increased by 52.66% year-on-year (YoY) to Rs 524.54 crore in Q3 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, February 22 2021. 13:56 IST
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