Steel Strips Wheels shares surged over 6 per cent on Monday after its promoter – Chandigarh Developers – increased its stake in the company via open market purchase. The promoter last week purchased 24,949 equity shares representing 0.17 per cent stake of the company through open market.
The scrip opened at Rs 413 and touched a high and low of Rs 442.40 and Rs 413.00. It closed 6.75 per cent up at Rs 441 on BSE.
The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 458.00 on 28-Dec-2015 and a 52 week low of Rs. 262.70 on 18-Jun-2015.
The promoters holding in the company stood at 59.17 per cent while Institutions and Non-Institutions held 0.56 per cent and 40.27 per cent respectively.
SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.