Steel Strips Wheels (SSWL) rose 1.34% to Rs 1730 after the company announced the signing of a memorandum of understanding (MoU) for close to $105 million from Western Hemisphere.
As per the MoU, SSWL will supply steel and aluminium wheels for a minimum period of three years.
Supplies of steel wheels will begin from Chennai and Dappar plant by September 2021 and supplies from Mehsana plant for the aluminium wheels will begin by end of December 2021.
This shows strong confidence of the customers in SSWL to develop long term strategic partnerships, the company said in a statement.
SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.
The company reported a net profit of Rs 51.08 crore in Q1 FY22 as against a net loss of Rs 38.09 crore in Q1 FY21. Net sales surged 463.84% YoY to Rs 678.13 crore during the quarter.
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