Steel Strips Wheels bags maiden orders from USA

Automotive steel wheels manufacturer Steel Strips Wheels surged on the bourses on Wednesday as the company won maiden truck wheels order from high potential US Truck & Trailer Aftermarket. The stock surged to hit its intraday high of Rs. 1,225 per share, higher by over 5 per cent on Wednesday on BSE.

The order from the high potential US Truck & Trailer Aftermarket for its Truck Steel Wheels plant in Chennai is valued at nearly US$ 2 million. The ordered wheels will be dispatched from the company’s new truck wheels plant in Chennai from January 2018.

Further, the company is in talks with other US-based large truck and trailer manufacturers and may attain more orders from US-based clients in the coming months. The company has been planning to extend its presence in the truck and trailer wheels segment in the US and EU region.

At 1431 hours IST, the stock was trading at Rs. 1,194.65 per share, higher by 2.55 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 34,414.72 level, lower by 0.07 per cent and NSE Nifty 50 was trading at 10,624.60 level, lower by 0.12 per cent, respectively.