Steel Strips Wheels rises over 4 per cent on receiving export orders worth USD 8,78,000

A leader in designing & manufacturing automotive wheels, Steel Strips Wheels Limited rose nearly 4.32 per cent after the company announced that it has received an export order worth USD 8,78,000 (Rs 6.5 crore) on Tuesday.

The steel wheel producer confirmed that it has received an export order for nearly 62,000 wheels for the United States & European Union market amounting to USD 8,78,000. The company plans to execute the order from its Chennai plant in the months of January and February.

As the business has picked up, the company expects orders of similar capacity, going forward.

Steel Strips Wheels enjoys 70 per cent market share in steel wheels for off-road tyres, 50 per cent in steel wheels for passenger vehicles, and 52 per cent market share in steel wheels for the commercial vehicle. On the revenue front, the company earns around 85.77 per cent from the domestic market and 14.23 per cent from its export segment.

At around 3.06 pm today, its share was trading 3.16 per cent higher at Rs 500.85 on BSE. It recorded an intraday high of Rs 506.5 and an intraday low of Rs 491.70 on BSE.