SSWL receives 70,000 wheels export order; stock recovers intraday low

Chandigarh-headquartered automotive wheel rim manufacturer, Steel Strips Wheels Limited reported yet another order for its Chennai Plant, on Monday. The company has submitted a number of reports regarding its order book for exports.

Its latest order status includes 70,000 wheels for the EU Caravan Trailer market in Europe. Just last week, the company had announced that it received 17,000 wheels for the same segment. The management added that due to consistent order intake support, the company has been able to further ramp-up its production at Chennai steel wheels plant. It also expects that this plant (car business) would reach 100 per cent capacity utilisation very soon.

The company has a total of four plants situated in Punjab, Chennai (Tamil Nadu), Jamshedpur (Jharkhand) and Mehsana (Gujarat). Out of this, its Chennai plant has a capacity of 6 million wheels, which caters to its passenger and multi-utility vehicle (MUV) related demand. Historically, the plant has witnessed these rates in the range of 70 per cent to 80 per cent for more than three financial years.

The stock price recovered from its day’s low to touch an intraday high of Rs 433.20 on BSE.