Steel Strips Wheels (SSWL) spurted 5.51% to Rs 487.35 after the company said it received new orders worth over $238,000 from the US.
SSWL confirmed export orders of nearly 5,500 wheels for US truck trailer market. The orders are to be executed in November from its Chennai plant. Orders of similar capacity are anticipated from the same customer base as businesses have picked up speed, the company said during market hours today, 19 October 2020.SSWL'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.
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 scrip has spurted 53.56% from its 52-week low of Rs 317.35 hit on 20 May 2020.
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