Steel Strips wins export order for 90,000 truck wheels

Steel Strips Wheels Limited (SSWL), the wheel rim manufacturing company, informed the bourses that it has won a large repeat exports order for truck and trailer from the US market.

This order includes supplies of 90,000 truck steel wheels in 4 months from its Chennai plant, said the company in a press release on Thursday. Total expected revenue from this order would be up to US$4 million or Rs. 28.69 crore.

Further, the company mentioned that it's in discussions with other large truck and trailer makers in the US market and expects to close similar big contracts in this segment in the upcoming quarters. In addition, the company’s capacity enhancement plan at Chennai plant will significantly help in increasing its presence in both the US and EU.

After this announcement, the stock recovered from its lows to touch a high of Rs. 988.35 per share. At 2:30 pm, the stock was trading at Rs. 971.25 on BSE, while the benchmark index Sensex was trading 94 points higher at 35,874.