Steel Strips Wheels Ltd climbs by more than 1 per cent on new orders

Steel Strips Wheels Limited (SSWL) has received new export orders for over 36,000 wheels for European Union (EU) caravan and truck trailer market.

The company has stated that the said order will be executed in July and August 2020 at its Chennai plant. The order being received from Europe, is worth 21,000 Euros (Rs 18 lakh approximately). As a result of this order, the company has been able to expand its product reach and start operations in EU and US regions, which has been further aiding the company to bring back its operations to normalcy, post the disruptions caused by the pandemic. The company also mentioned in a press release to the exchanges that it is expecting larger orders in future from its regular customers.

For Q3FY20, the company's standalone net profit decreased by 68 per cent YoY to Rs 629 crore while, net sales saw a dip of 28.8 per cent YoY to Rs 343.60 crore.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry.

On Tuesday, the stock of the company closed at Rs 367.50, up by 1.04 per cent or Rs 3.80 per share. The 52-week high is Rs 821.80 and 52-week low is Rs 317.35 on BSE.