Steel Strips Wheels extends gain post February sales

The stock was trading 3% higher at Rs 1,060, extending its Thursday's 1% gain on the BSE in otherwise weak market

Steel Strips Wheels (SSWL) was trading 3% higher at Rs 1,060, extending Thursday’s 1% gain on the BSE in an otherwise weak market, after the company reported 12% year on year (YoY) growth in total wheel rim sales of 1.3 million units in February 2018. It had sold total 1.17 million units during the same month last year.

“The robust growth in February was purely on account of company adding its new truck wheel capacity and all across segments reporting healthy growth run rate,” SSWL said in a press release.

In terms of value, the company has achieved 57% YoY jumped in gross turnover at Rs 1,937 million in February 2018  against Rs 1,230 million in February 2017.

SSWL on Wednesday, February 28, informed the stock exchanges that it had bagged another fresh exports order for its new truck wheels plant in Chennai.

“The total order size is close to 2,000 truck wheels to be supplied in next 2 months. The company has already marked its entry in the high potential truck and trailer steel wheels market in the European Union,” SSWL said in a press release.

The company expects to increase its presence in truck & trailer in the coming months given the world class manufacturing facility at its Chennai plant, it added.

Till 12:27 pm; a combined 15,122 equity shares changed hands on the counter on the BSE and NSE. The S&P BSE Sensex was trading 1% lower at 33,720.