Steel Strips Wheels win orders worth Rs 34 lakh for US caravan trailer market

Auto component maker Steel Strips Wheels Limited (SSWL) on Monday announced that it has received orders worth over US$ 46,000 (around Rs 34 lakh) for about 3,700 wheels for the US caravan trailer market.

In a regulatory filing, SSWL said these new export orders are to be executed in September from its Chennai plant. The company expects similar orders from the same customer base as the businesses have picked up speed.

Last month, the company had said it will clock revenue of more than Rs 325 crore in FY21 with the sale of over 10 lakh alloy wheels, based on the current orders. This will represent over 300 per cent growth over the last financial year.

Despite these announcements, fresh tensions between India and China border near Ladakh weighed heavily on the auto industry today. On Monday, BSE Auto fell by 3.32 per cent, whereas the stock closed at Rs 443, down by 7.28 per cent or Rs 34.80 per share. The 52-week high of the stock was recorded at Rs 798 and the 52-week low was recorded at Rs 317.35.