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Steel Strip gains on bagging export orders

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Steel Strip Wheels gained 1.49% to Rs 448.65 after the company said it received new export orders worth over $114,000 from the US.

Steel Strip Wheels on Friday (11 September) announced that it has bagged export orders of nearly 2,700 wheels for US truck trailer market. The order is to be executed in October from the company's Chennai plant.

"Orders of similar capacity are anticipated from the same customer base as businesses have picked up pace," the company said.

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.

On a standalone basis, the company reported a net loss of Rs 5.25 crore in Q4 March 2020 as against a net profit of Rs 19.92 crore posted in Q4 March 2019. Net sales declined 26.5% to Rs 387.07 crore in Q4 March 2020 over Q4 March 2019.

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

First Published: Fri, September 11 2020. 13:42 IST