Steel Strips Wheels (SSWL) is trading higher by 3% at Rs 297, extending yesterday’s 14% rally, after the company said it expects higher sales to Renault Brazil than projected for Q2FY12.
“The company expects sales of 180,000 wheels to Renault Brazil against an earlier projection of 120,000 for the Q2 FY 2011-12. This is due to increased demand from OE for the Logan Car,” the auto parts and equipment manufacturer said in a filing to the stock exchanges.
The company is reasonably confident that this Brazil business will see more upswings in coming months, it added.
The stock opened at Rs 291 and hit a high of Rs 304 on the NSE. A combined 329,316 shares have changed hands on the counter till 1055 hours.
