Steel Strips Wheels shares gain over 6%, here is why

By: |
New Delhi | December 1, 2015 1:02 PM

The wheel will be supplied from SSWL's Chennai plant in India with the first supplies planned to start from February 2016.

Steel Strips wheels, SensexThe wheel will be supplied from SSWL’s Chennai plant in India with the first supplies planned to start from February 2016. (Photo: Reuters)

Steel Strips Wheels (SSWL) share price gained as much as 6.83 per cent on Tuesday after the company informed stock exchanges that it has secured an export order from Jaguar Land Rover (JLR).

In a BSE filing, the company said, “This order is one of SSWL’s biggest export order. The company will supply to JLR’s UK and one more European facility.”

At 12.45 pm, the share price of SSWL was trading 4.93 per cent up at Rs 395.80. The scrip opened at Rs 383.10 and had touched a high and low of Rs 403 and Rs 381, respectively, in trade so far. Sensex was up 41.53 points, or 0.16 per cent, at 26,187.20.

The wheel will be supplied from SSWL’s Chennai plant in India with the first supplies planned to start from February 2016.

For the latest quarter ended September 30, 2015, Steel Strips Wheels posted net profit of Rs 15.03 crore, up 28.27 per cent, against Rs 11.72 crore in the corresponding quarter a year ago.

Steel Strips Wheels is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches dia for scooters, passenger cars, utility vehicles and tractors.

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