Steel Strips Wheels gained 2.76% to Rs 205 after the company received nomination for steel wheel business from a leading European original equipment manufacturer (OEM) with a business value of around Euro 15 million.
The export order will be executed over a span of 6 years. The series of supplies is expected to commence at the end of CY2026.The company stated that it expects more businesses from global OEMs in the coming months, which complements its strategy to grow its presence in the EU and US OEM space.
Steel Strips Wheels (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 companys consolidated net profit fell 11.8% to Rs 46.11 crore on a 3.4% decline in revenue from operations to Rs 1,095.10 crore in Q2 FY25 over Q2 FY24.
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