Steel Strip Wheels wins export order worth Rs. 17 crore

Steel Strip Wheels Limited has received exports order worth Rs. 17 crore from the Western Hemisphere market.

Orders would be executed over a period of 12 months with supplies already started this month from Chennai plant. With this additional business, the Chennai plant will be running at 100 per cent utilisation and efforts are underway to debottleneck to raise utilisation by another 25 per cent.

The company had bagged another export order worth Rs. 42 crore in the month of July. Also, it had bagged exports order for Truck & Trailer aftermarket from the US for supplying 70,000 Truck Steel Wheels. This order was worth US$3.5 million.

For the month of July 2019, total wheel rim sales were at 12.59 lakh as against 13.59 lakh in July 2018, representing a de-growth of 7 per cent YoY. There was a growth of 12 per cent MoM in total volumes with both exports and domestic markets showing signs of improvement.

On Wednesday, the stock of SSWL opened at Rs. 778.25 per share. During the after trading session, the stock was up by 0.51 per cent at Rs. 788.00.