Steel Strips Wheels (SSWL) jumped 5.13% to Rs 441 after the company bagged export orders for truck & caravan trailer market from USA.
The company said that the order comprises supplies of close to 14,000 steel wheels to be executed in the month of July & August from its chennai plant. Total revenue generated by this additional order would be over $315,000.
"Repetitive orders are expected in coming weeks from several other regular customers as the market begins its recovery", it added.
In a separate announcement made during market hours today (30 June), SSWL said that its board has approved the induction of a strategic/ financial investor in order to bring down long term debt and sharpen the firms leadership position in its various product lines.
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's standalone net profit slumped 68% to Rs 6.29 crore on a 28.8% decline in net sales to Rs 343.60 crore in Q3 December 2019 over Q3 December 2018.
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