Steel Strips Wheels Ltd jumps seven per cent

Automotive steel wheels designer and manufacturer, Steel Strips Wheels Limited (SSWL) has secured its first order in the alloy wheels segment from the EU market which will be executed from its Mehsana (Gujarat) plant. With this order win, the company has commenced its business in the alloy wheels segment in its exports.

It has also received another order worth US$ 1,40,000 from the US and EU markets, which involves the supply of nearly 3,100 commercial vehicles (CV) wheels for the US and EU markets. This order win would drive the revenue as the company enjoys around 52 per cent market share in the medium and heavy commercial vehicle (M&HCV) segment.

Talking about the other segments, the company holds 50 per cent of the market share in the passenger vehicle segment and 42 per cent in the tractor segment.

Steel Strips Wheels Limited is engaged in the business of manufacturing single piece steel wheel rims in the range of 10 to 30 inches, mostly used in scooters, passenger cars, utility vehicles and tractors, which is covering almost all the vehicle segments. Its supply of rims goes to almost all the key manufacturers in the auto sector.

With this order win, the stock of SSWL spiked nearly 7 per cent and made an intraday high of Rs 467 on BSE.