Steel Strips Wheels share price surged as much as 14 per cent intraday on Thursday after the company announced that it has bagged an export order from Siam Kubota Corp
Steel Strips Wheels share price surged as much as 14 per cent intraday on Thursday after the company announced that it has bagged an export order from Siam Kubota Corp for their new project. The order is for supply tractor wheel for their Thailand production facility.
At 2.25 pm, Steel Strips Wheels (SSWL) shares were trading 10.81 per cent up at Rs 437.80. The scrip opened at Rs 399 and had touched a high and low of Rs 448 and Rs 397, respectively, in trade so far. Later, the scrip settled 9.95 per cent up at Rs 434.40.
In a BSE filing, the company said, “It will be an existing wheel supplied from our Dapper plant which will be carried over for a new Tractor model of Kubota. We have been in strong business relationship with SKC since last 7 years and this order will further enhance the relationship by this carry forward business.”
Mass supplies are expected from March 2016. The total expected volume from this program over a period of five years is 2,20,000 tractor wheels. The total order value of the program will be $13.5 million.
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.