Steel Strips Wheels rose 2.89% to Rs 295.90 at 11:12 IST on BSE after the company said it has bagged its repeat export order from Russian territory.
The announcement was made during market hours today, 16 July 2014.
Meanwhile, the S&P BSE Sensex was up 80.28 points or 0.32% at 25,308.93.
On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 20,754 shares in the past one quarter.
The stock hit a high of Rs 300 and a low of Rs 288.50 so far during the day. The stock hit a 52-week high of Rs 301 on 8 July 2014. The stock hit a 52-week low of Rs 111.50 on 20 August 2013.
The small-cap company has equity capital of Rs 15.21 crore. Face value per share is Rs 10.
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Steel Strips Wheels (SSWL) said it has bagged its repeat export order from Russian territory. The order will cater to the Russian after-market demand and this order will open up opportunity for SSWL to increase foothold in export markets. The order is worth 25,000 wheels and will cater to passenger car segment. The wheels will be exported for LADA Cars sold in Russia & Europe and will be executed in second quarter 2014-15 only. This order will become a repeat business going forward and will add volumes to export segment.
SSWL said it is constantly looking to address global after market demand given the size of the market. The repeat order from Russian market is definitely a sign of consolidation for SSWL and many more milestone to look forward to, the company would further look to explore the possibility of supplying the entire range of SSWL export product portfolio which shall cater to across segment vehicles.
SSWL's net profit declined 50.9% to Rs 4.27 crore on 34.6% growth in net sales to Rs 305.36 crore in Q4 March 2014 over Q4 March 2013.
Steel Strips Wheels manufactures automotive steel wheels since 1991. Its product range comprises wheels for passenger cars, multi utility vehicles, tractors, trucks, 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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