Steel Strips Wheels (SSWL) rose 1.34% to Rs 438 after the company said it received new orders worth over $1 million from the US.
SSWL on Monday (6 July) said it bagged firm exports orders for over 119,000 wheels for US caravan trailer market to be executed in August from its Chennai plant. This is the largest monthly order from a single customer, the company said.Inflow of more orders are expected to come from various other customers as the market gains stability. Production at the Chennai steel wheel plant will further ramp up with above mentioned developments, SSWL added.
On the technical front, the stock's RSI (relative strength index) stood at 65.696. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 378.59 and its 200-day moving average (DMA) placed at 622.38.
SSWL's standalone net profit slumped 68% to Rs 6.29 crore on a 28.8% decline in net sales to Rs 343.60 crore in Q3 December 2019 over Q3 December 2018. The company is yet to announce its Q4 March 2020 results.
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.
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