Steel Strips Wheels gains on highest ever sales in July

The company records highest ever sale of 11.03 lac wheel rims during July 2014

Shares of Steel Strips Wheels were up 3% at Rs 300 after the company registered its highest ever sale of 11.03 lac wheel rims during July 2014.

Wheel rim sales in July 2014 increased 25% to 11.03 lac wheel rims compared with 8.82 lac wheel rims in July 2013, the company said in a release.

The growth was driven by passenger car, 2-3 wheelers, LCV and MHCV segments. Export volumes in July 2014 rose 14% to 1.42 lacs compared with 1.24 lacs in July 2013.

Passenger car segment grew 21%, 2 & 3 wheeler segment volumes jumped 52% while LCV and MHCV segment volumes surged 57% in July compared to the same month last year, the release said.

The stock opened at Rs 291 on the BSE and touched an intra-day high of Rs 311 so far. Over 130,000 shares were traded on both the stock exchanges so far.