Stock of Steel Strips Wheels Ltd jumps on bagging export order

The stocks of Steel Strips Wheels Limited (SSWL) were trading in green on Friday after the company informed the exchanges that it won an export order worth US$ 1,10,000 for the supply of truck steel wheels in July 2020, from a client in US.

The said order, which comprises of the supply of over 2,700 truck steel wheels from its Chennai plant, is a repeat order from a regular customer and indicates SSWL’s status as a preferred supplier in the high potential US truck trailer steel wheels market. In addition to this, more orders are expected in the coming weeks from several other regular customers in USA, the company stated in a press release to BSE.

The latest order follows a string of orders received in the month of June 2020 from US and European markets, where the company has been able to expand its product reach. This has further aided the company to bring back its operations to normalcy, post the disruptions caused by the pandemic.

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

On Friday, the stock of the company closed at Rs 390.10, up by 5.65 per cent or Rs 20.85 per share. Its 52-week high is Rs 821.80 and 52-week low is Rs 317.35 on BSE.