Steel Strips Wheels (SSWL) jumped 5.47% to Rs 460 after the company said it received a maiden export order for alloy wheels from Europe.
SSWL on Wednesday (8 July) said it received its first order in the segment of alloy wheels from European market. This comes with orders of more than 3100 commercial vehicles (CV) wheels from US and European market, amounting to $140,000."With this new development, SSWL embarks on its journey in the alloy wheels segment in its exports. More orders are expected to receive from this customer in the coming times as we establish our quality & delivery," SSWL said in a statement.
SSWL'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. The company is yet to announce its Q4 March 2020 results.
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.
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