Steel Strips Wheels (SSWL) rose 2.83% to Rs 499.25 after the company said it received new export orders worth over $878,000 (Rs 6.5 crore) from US and Europe.
SSWL confirmed export orders of nearly 62,000 wheels for US & EU market. The orders are to be executed in January and February from the company's Chennai plant. The firm is anticipating orders of similar capacity from the same customer base as businesses have picked up speed. The announcement was made during market hours today, 24 November 2020.
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 company's standalone net profit jumped 82.3% to Rs 14.02 crore on a 11.8% rise in net sales to Rs 404.74 crore in Q2 September 2020 over Q2 September 2019.
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