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Steel Strips Wheels jumps 2.5% after bagging maiden USA order

IIFL 2018-01-10 12:39:00
Steel Strips Wheels Limited (SSWL), manufacturer of steel wheel rims, bagged an export order for supplying truck and trailer steel wheels to the USA aftermarket. Wheels will be dispatched from SSWL’s Chennai facility from January 2018 itself. The total potential of this business is 45,000 wheels and order value will be close to $2mn. This order marks SSWL’ foray into the US market.

SSWL is into design, manufacturing and marketing of Steel Wheel Rims for Passenger cars, Utility vehicles, 2/ 3 wheelers, Tractors, Light/ Heavy commercial vehicles and OTRs. It has a capacity of nearly 17mn wheels per annum.

SSWL has seen a flurry of orders over the past few days. On December 19, 2017, the company received an order for 30,000 wheels from Europe, while on December 18, 2017, it bagged an order for 24,500 wheels to be shipped to the EU Caravan market. On December 22, 2017, the company bagged order for supplying steel wheels for Egyptian PVs.

Steel Strips Wheels is currently trading at Rs1,205, up by Rs40 or 3.43% from its previous closing of Rs1,165 on the BSE. The scrip opened at Rs1,176.2 and has touched a high and low of Rs1,225 and Rs1,165 respectively. The current market cap of the company is Rs1,812.31cr.