Steel Strips Wheels (SSWL) rose 2.65% to Rs 1921.80 after the company said that it has signed an agreement with Tata Steel Long Product (TSPL) for rolling of round bars of various grades for a period of 3 years.
The supplies from SSWL Saraikela Plant will start from October 2021. This deal has a supply potential of 50000 MTs of rolled round bars per annum. These products will target automotive customers in India.
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.
Tata Steel has had a strategic equity stake in SSWL since 2008. The steel major held 6.96% stake in SSWL as on 30 June 2021.
SSWL reported a net profit of Rs 51.08 crore in Q1 FY22 as against a net loss of Rs 38.09 crore in Q1 FY21. Net sales surged 463.84% YoY to Rs 678.13 crore during the quarter.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
