The company made the announcement during trading hours today, 9 July 2013.
Meanwhile, the S&P BSE Sensex was up 115.89 points, or 0.60%, to 19,440.66.
On BSE, 23,338 shares were traded in the counter as against an average daily volume of 2,246 shares in the past one quarter.
The stock hit a high of Rs 157.95 and a low of Rs 135.50 so far during the day. The stock had hit a 52-week low of Rs 133.05 on 25 June 2013. The stock had hit a 52-week high of Rs 240.90 on 17 September 2012.
The stock had underperformed the market over the past one month till 8 July 2013, sliding 10.60% compared with the Sensex's 0.54% fall. The scrip had also underperformed the market in past one quarter, falling 13.83% as against Sensex's 4.81% rise.
The small-cap company has an equity capital of Rs 15.21 crore. Face value per share is Rs 10.
European patent office granted a patent to Steel Strips Wheels for its innovative design concept in semi-full face wheels (also known as styled wheels)
The company said the design is an improvement on existing semi-full-face designs, specially modified to enhance the life-cycle of the product and higher pay load capacity. These wheels are used in passenger cars and have a styling similar to that of alloy wheels, but are economical than the alloy wheels.
In the conventional form, semi-full face designs pose a high challenge to the manufacturers in meeting the strength requirements (life-cycle requirements). The company said its innovation helps in eliminating the drawbacks of low fatigue life while retaining its excellent appeal similar to alloy wheels. In addition, it also helps in reducing the weight of the part, thus paring costs considerably, the company said in a statement.
Net profit of Steel Strips Wheels rose 29.90% to Rs 8.69 crore on 11.59% decline in net sales to Rs 226.86 crore in Q4 March 2013 over Q4 March 2012.
Steel Strips Wheels manufactures automotive steel wheels since 1991. Its product range comprises wheels for passenger cars, multi utility vehicles, tractors, trucks, otr vehicles as well as two and three wheelers. It currently has three production facilities. It mainly produces passenger car wheels in Dappar (Chandigarh) and Oragadam (Chennai) and truck wheels in Jamshedpur.
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