India’s Steel Strips Wheels bags export order for US and EU, share price surges

India headquartered Steel Strips Wheels Limited bags export orders of nearly 62,000 wheels for the US and EU markets. The execution of the order will be beginning in January and February from the company’s Chennai Plant. The firm is anticipating similar order capacity from the same customer base due to the speed business picked in the pandemic.

The announcement was made on 24 November 2020 during market hours.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of the automobile industry. The firm operates in the automotive wheels segment and its geographical segments include Indian and Overseas.

The company’s standalone net profit jumped 82.3% to Rs 14.02 crore on an 11.8% rise in net sales to Rs. 404.74 crore in the second quarter of 2020 over 2019.

Earlier, the company got an order worth USD 455,000 for about 42,000 wheels for the US and EU trailer market. In a regulatory filing, Steel Strips Wheel Ltd said it has received export orders worth over USD 455,000 from the US and European Union (EU) trailer market to be executed in September and October from its Chennai plant

Today, the share price of SSWL on National Stock Exchange rallied by 2.62%.

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