Steel Strips Wheels rose 2.17% to Rs 1,006 at 11:59 IST on BSE after the company said it commissioned brand new truck steel wheels plant.
The announcement was made during trading hours today, 22 February 2018.Meanwhile, the S&P BSE Sensex was down 109.83 points, or 0.32% to 33,735.03.
On the BSE, 859 shares were traded in the counter so far compared with average daily volumes of 5,348 shares in the past one quarter. The stock had hit a high of Rs 1,021 and a low of Rs 980.15 so far during the day. The stock hit a record high of Rs 1,225 on 10 January 2018. The stock hit a 52-week low of Rs 678.80 on 22 February 2017.
The stock had underperformed the market over the past 30 days till 21 February 2018, falling 12.43% compared with 6.35% fall in the Sensex. The scrip had outperformed the market in past one quarter, rising 13.20% as against Sensex's 0.76% rise. The scrip had also outperformed the market in past one year, rising 43.66% as against Sensex's 17.25% rise.
The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.
Steel Strips Wheels (SSWL) announced commissioning of its Chennai truck wheel plant from February 2018. This plant will add 1.2 million wheels capacity to the already existing 1.8 million wheels capacity for the truck/trailer segment of SSWL. The total capacity of truck wheel segment now stands at 3 million wheels and With this SSWL will be the largest truck steel wheel maker in India.
The plant is operating at 90% utilization for the month of February and expected to attain 100% utilization from April 2018 onwards with firm order book from domestic and export customers.
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The plant is strategically placed to help SSWL service customers in Southern region in India and being near to the Sea port will provide leverage for serving export customers as well. Supplies will be to all key original equipment manufacturers (OEMs) in India i.e. Ashok Leyland, Daimler India, Tata Motors and several truck/trailer OEMs in Middle East, Europe and US.
SSWL announced during trading hours yesterday, 21 February 2018, that it secured another export order from German OEM, BMW. SSWL's Chennai plant will supply approximately 46,000 steel wheels to BMW's Leipzig plant in Germany from the next financial year onwards. SSWL said it has been in strong business relationship with BMW since last 8 years. Shares of SSWL rose 1.67% to settle at Rs 984.60 yesterday, 21 February 2018.
Net profit of Steel Strips Wheels rose 43.58% to Rs 18.12 crore on 19.43% rise in net sales to Rs 397.44 crore in Q3 December 2017 over Q3 December 2016.
Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.
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