Shares of Steel Strips Wheels Limited (SSWL) rose as a lot as 3.68 per cent to hit an intraday excessive of Rs 449 after the corporate knowledgeable inventory alternate that it obtained an order of almost 9,000 wheels for the European Union trailer market. The orders might be executed in October and November from its Chennai plant, the Chandigarh-based wheel maker stated in a inventory alternate submitting.
SSWL added that orders of comparable capability are anticipated from the identical buyer base as companies have picked up pace.
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 almost 2,700 wheels for US truck trailer market. Both the orders might be executed from its Chennai plant.
Steel Strips Wheels Ltd. shares worth has up to now this yr dropped 41 per cent following low automobile gross sales owing to Covid-19-induced lockdowns within the nation.
As of two:20 pm, SSWL shares traded 3.38 per cent increased at Rs 447.70, outperforming the Sensex which was up 0.35 per cent.