Steel Strips Wheels has rallied 9% to Rs 251, extending last two day’s 30% gain, on reporting positive growth in total sales of steel wheel rims in November after a gap of three months.
The company had reported 7% year-on-year (y-o-y) growth in total sales of steel wheel rims to 8.16 lakh units in November 2011 over November 2010. The auto parts and equipment maker had reported negative growth between 1% and 16% in the past three months.
Meanwhile, the company has registered a 33% y-o-y growth in export sales of 76,056 wheel rims during November 2011 as against 57,212 wheel rims in the year-ago period, the company said in a filing to the stock exchanges.
The company has also achieved a growth of 531% in the sale of trucks and 56% in the sale of tractors during November 2011 compared to sales in November 2010, it added.
The stock opened at Rs 234 and touched a high of Rs 253 on the National Stock Exchange. A total of 414,535 shares have changed hands on the counter on both the exchanges.