Shares of Steel Strips Wheels Ltd. (SSWL) rose as a lot as 3.27 per cent to hit an intraday excessive of Rs 460.55 on the BSE after it knowledgeable inventory exchanges that it has secured an order for wheels from European Union caravan trailer market. The Chandigarh-based metal wheel rim maker has bought order for practically 5,100 wheels for EU caravan trailer market. The order shall be executed in October from its Chennai plant, Steel Strips Wheels Ltd. mentioned in an alternate submitting.
The firm added that orders of comparable capability are anticipated from the identical buyer as companies have picked up tempo.
Steel Strips Wheels Ltd. shares value has to date this yr dropped 42 per cent following low automobile gross sales owing to Covid-19-induced lockdowns within the nation.
Meanwhile, because the unlock course of started the corporate, has been getting new orders. Earlier this month in two separate orders, Steel Strips Wheels Ltd., bought export orders for 1,10,000 wheels from US caravan trailer market and an export order for practically 2,700 wheels for US truck trailer market. Both the orders shall be executed from its Chennai plant.
As of 12:50 pm, Steel Strips Wheels shares traded practically 2 per cent larger at Rs 454.10, outperforming the Sensex which was up 0.54 per cent.