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Steel Strips Wheels jumps after winning order

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rose 4.04% to Rs 1,308 at 10:52 IST on after the company said it bagged largest exports order for truck and trailer aftermarket from USA.

The announcement was made during trading hours today, 10 July 2018.

Meanwhile, the Sensex was up 216.09 points, or 0.60% to 36,150.81.

On the BSE, 466 shares were traded in the counter so far compared with average daily volumes of 2,811 shares in the past two weeks. The stock had hit a high of Rs 1310 and a low of Rs 1271.70 so far during the day. The stock hit a record high of Rs 1,473.70 on 24 April 2018. The stock hit a 52-week low of Rs 769.95 on 23 November 2017.

(SSWL) said the order comprises supplies of 110,000 in 5 months from its from next month onwards. Total revenue generated by this additional order would be close to $5 million in 5 months, which is also expected to be repeated.

This big order will mark SSWL's arrival in the high potential NA market. SSWL is in discussions with other large truck & trailer makers in USA and expects to close similar big contracts in this segment in near future. SSWL expects to significantly increase its presence in high potential truck and trailer wheels market in US and EU in the coming months and it's capacity enhancement at Chennai plant, which is in progress, will support this strategy, the company said.

Net profit of rose 126.26% to Rs 22.40 crore on 13.53% rise in net sales to Rs 431.08 crore in Q4 March 2018 over Q4 March 2017.

Steel Strips Wheels designs & manufactures since 1991 and is among the leading suppliers to Indian & global automobile manufacturers.

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

First Published: Tue, July 10 2018. 10:55 IST