Steel Strips Wheels Gains On Bagging Orders From US, Europe

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Steel Strips Wheels Gains On Bagging Orders From US, Europe

Shares of the Chandigarh-based wheel rim maker – Steel Strips Wheels Limited (SSWL) – gained as much as 3.53 per cent to hit an intraday high of Rs 717.90 on the BSE after it reported exchanges that it has won an order worth Rs 25 crore from US and Europe for 170,000 wheels.

“SSWL confirms export orders of over 170,000 wheels for US and EU caravan trailer market; US mobile home and US truck trailer market,” Steel Strips Wheels said in a stock exchange filing.

Steel Strips Wheels will complete execution of these orders by July 21 from its Chennai and Dappar plants, the Chandigarh-based wheel maker said.

Orders of similar capacity are anticipated in coming months from similar customer base as businesses continue to recover rapidly, SSWL added.

In a separate development, Steel Strips Wheels will board is scheduled to be held on May 7, 2021 to consider and approve the financial results of the company for the quarter and year ended March 31, 2021 and to recommend dividend if any, SSWL informed exchanges.

As of 12:53 pm, Steel Strips Wheels Limited shares traded 2.3 per cent higher at Rs 709, outperforming the Sensex which was up 0.43 per cent.

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