Steel Strips Wheels jumped 6.83% to Rs 150.95 at 11:39 IST on BSE after the company said it received an export order worth approximately $5 million from SSangYong Motors Company, Korea.
The announcement was made during trading hours today, 29 November 2013.
Meanwhile, the BSE Sensex was up 244.65 points, or 1.19%, to 20,779.56.
On BSE, 24,000 shares were traded in the counter compared with average volume of 4,499 shares in the past one quarter.
The stock hit a high of Rs 152.80 and a low of Rs 141.05 so far during the day. The stock hit a 52-week high of Rs 214.40 on 7 January 2013. The stock hit a 52-week low of Rs 111.50 on 20 August 2013.
The stock had outperformed the market over the past one month till 28 November 2013, rising 4.13% compared with the Sensex's 0.17% fall. The scrip had also outperformed the market in past one quarter, gaining 23.57% as against Sensex's 14.11% rise.
The small-cap company has an equity capital of Rs 15.21 crore. Face value per share is Rs 10.
Steel Strips Wheels (SSWL) said it has received an order from SSangYong Motors Company (SYMC) in Korea for exporting car wheel rims. SSWL said it will serve SYMC for a minimum of five years and the order size will be approximately $5 million. SSWL will initially serve 20% of the total demand and will gradually ramp up along with the performance of the company.
The company said it has become the first Indian company to supply components to SYMC in Korea and will be looking forward to extend this relationship for building a long-term partnership with the Korean company.
Steel Strips Wheels' net profit jumped 31.58% to Rs 7.29 crore on 2.95% growth in net sales to Rs 264.82 crore in Q2 September 2013 over Q2 September 2012.
Steel Strips Wheels manufactures automotive steel wheels since 1991. Its product range comprises wheels for passenger cars, multi utility vehicles, tractors, trucks, as well as two and three wheelers. It currently has three production facilities. It mainly produces passenger car wheels in Dappar (Chandigarh) and Oragadam (Chennai) and truck wheels in Jamshedpur.
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