Steel Strips Wheels rose 3.05% to Rs 624.20 at 14:10 IST on BSE after the company announced that it has bagged another repeat exports order for supply of caravan steel wheels for European Union trailer market.
The announcement was made during market hours today, 5 December 2016.Meanwhile, the S&P BSE Sensex was up 116.29 points or 0.44% at 26,346.95.
On the BSE, 8,632 shares were so far traded in the counter as against average daily volume of 11,097 shares in the past one quarter. The stock had hit a high of Rs 630 and a low of Rs 612 so far during the day. The stock had hit a record high of Rs 775 on 14 October 2016. The stock had hit a 52-week low of Rs 284 on 17 February 2016.
The stock had underperformed the market over the past one month till 2 December 2016, falling 8.05% compared with Sensex's 4.71% fall. The scrip had, however, outperformed the market in past one quarter, gaining 6.47% as against Sensex's 8.07% drop.
The small-cap company has equity capital of Rs 15.53 crore. Face value per share is Rs 10.
Steel Strips Wheels (SSWL) said that total order covers supplies of about 23,000 wheels in a period of four months. The orders comprise of mix of 13 inch and 14 inch steel wheels to be supplied from SSWL's Chennai plant with shipments starting from this month.
The order further augments SSWL's strong presence in the extremely competitive European Union (EU) caravan steel wheels market.
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Net profit of Steel Strips Wheels rose 19.9% to Rs 18.02 crore on 2.8% decline in net sales to Rs 290.95 crore in Q2 September 2016 over Q2 September 2015.
SSWL designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.
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