Steel Strips Wheels surged 3.04% to Rs 152.30 at 15:13 IST on BSE after the company said it has secured patent on disc forming process, from Patent Office, Government of India.
The announcement was made during trading hours today, 4 April 2014.
Meanwhile, the S&P BSE Sensex was down 157.03 points or 0.7% at 22,352.04.
On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 5,333 shares in the past one quarter.
The stock was volatile. The stock surged as much as 9.6% at the day's high of Rs 162 so far during the day. The stock lost as much as 1.69% at the day's low of Rs 145.30 so far during the day.
Steel Strips Wheels (SSWL) said that the innovation in disc forming process helps to get better endurance life & reducing the input material weight. This also has an impact on finish weight of the wheel rim and brings a saving upto the extent of 2%, SSWL said. This weight reduction shall help in improving fuel efficiency & environment norms compliance for passenger cars, SSWL said in a statement.
SSWL's net profit jumped 60.2% to Rs 6.57 crore on 9.4% growth in net sales to Rs 248.68 crore in Q3 December 2013 over Q3 December 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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