Steel Strips slips 4% after releasing Oct sales nos; Check details

As per the company filing, Steel Strips Wheels monthly net turnover for October stood at Rs 370.05 crore as compared to Rs 395.67 crore a year ago which implies to a decline of 6.48 per cent Y-o-Y

Steel Strips Wheels shares slipped 4 per cent in trade on Monday and registered an intraday low of Rs 198.95 per share on BSE. The stock declined after the company's monthly net turnover and gross turnover declined. 

 

Around 12:18 PM, Steel Strip shares were down 2.46 per cent at Rs 202.15 per share. In comparison, the BSE Sensex was down 1.4 per cent at 78,604.66. The market capitalisation of the company stood at Rs 3,172.33 crore. 

 

As per the company filing, Steel Strips Wheels monthly net turnover for October stood at Rs 370.05 crore as compared to Rs 395.67 crore a year ago which implies to a decline of 6.48 per cent year-on-year (Y-o-Y).

 

 

The company recorded a 5.44 per cent decline in gross turnover of Rs 455.24 crores in October 2024 as compared to Rs 481.41 crore a year ago.

 

Similarly, its domestic export of passenger car - steel declined by 15 per cent in volume Y-o-Y and 20 per cent in value. Its truck exports also decreased by 16 per cent in volume and 18 per cent in value. 

 

Overall export declined by 41 per cent Y-o-Y in volume and 38 per cent in value. 

 

However, its 2 and 3 wheeler domestic export increased 31 per cent Y-o-Y in terms of volume and 30 per cent in terms of value and passenger car -alloy increased by 10 per cent in volume Y-o-Y. 

 

Steel Strips Wheels is into designing and manufacturing automotive wheels – both under the steel and alloy categories.

 

The company's facilities caters to a wide range of domestic and global automobile makers while following the highest quality standards. We are based out of Chandigarh with manufacturing facilities at Dappar (Punjab), Oragadam (Chennai), Jamshedpur(Jharkhand), Mehsana (Gujarat) and Saraikela (Jharkhand). 

 

These plants have a combined manufacturing capacity of about 20+ million wheels per annum and growing, as we continue to explore new avenues. They have strategic partnerships with Indian industry giants such as Tata Steel Ltd. and international players such as Kalink Co., from South Korea.

 

In the past one year, Steel Strips Wheels shares have lost 24.19 per cent against Sensex's rise of 24 per cent.