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Steel Strip Wheels rallies after order win

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Steel Strip Wheels (SSWL) rose 2.08% to Rs 481 after the company said it received new export orders worth over $368,000 from US and Europe.

SSWL confirmed export orders of nearly 38,000 wheels for US & EU market. The orders are to be executed in December and January from the company's Dappar and Chennai plant. The firm is anticipating orders of similar capacity from the same customer base as businesses have picked up speed. The announcement was made during market hours today, 13 October 2020.

SSWL's standalone net profit jumped 82.3% to Rs 14.02 crore on a 11.8% rise in net sales to Rs 404.74 crore in Q2 September 2020 over Q2 September 2019.

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 scrip has spurted 51.56% from its 52-week low of Rs 317.35 hit on 20 May 2019.

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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: Tue, October 13 2020. 12:12 IST