Steel Strip Wheels (SSWL) jumped 7.28% to Rs 541 after the auto ancillary company said it received new orders worth over 715,000 euros (about Rs 6.4 crore) from Europe.
SSWL on Thursday confirmed export orders of 99,000 wheels for the EU market, to be executed in the period of 3 months, starting January 2021. The orders will be carried from company's Chennai plant.Orders of similar capacity are anticipated from the same customer base as businesses have picked up speed, SSWL said.
The company added that it is on way to cross 40% growth in its exports this year.
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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