Steel Strips Wheels surges by 6 per cent on EU order win

Steel Strips Wheels (SSW) soared on the BSE by over 6.5 per cent on Monday as the company bagged another export order for supply of steel wheels for the European Caravan market. While the monetary value of the order is not yet disclosed, the order comprises of 19,500 steel wheels from SSW.

Recently, the company had bagged orders for manufacturing 4,200 truck wheels for US Truck and Trailer Aftermarket and manufacturing 17,000 steel wheels for European Caravan market.

In the second quarter of the fiscal year 2018, the company posted an increase of 14.50 per cent in Net profit at Rs. 18.17 crore. The company’s debt to equity ratio had increased in FY17 to 1.99x from 1.67x in 2016, respectively. However, the company’s total debt to capitalization ratio has reduced from 1.30x in 2016 to 0.75x in the fiscal year 2017. Further, the company posted a PAT growth of 16.11 per cent in FY17.

On Monday, the stock of Steel Strips Wheels surged to an intraday high of Rs. 1,114.90 per share and an intraday low of Rs. 1,059 per share on BSE. At 12:24 hours IST, the stock was trading at Rs. 1,088.80 per share, up by 4.06 per cent on BSE on Monday.