Steel Strips receives new order, hints at mass production
Steel Strip Wheel Limited, a Chandigarh-based company, informed that the company's Mehsana Alloy wheel plant secured an order for 1.85 million wheels.
Steel Strips Wheels Limited, (SSWL) is an alloy wheel manufacturer and supplier to OEM’s in India and abroad. The order comprises 1.85 million units of alloy wheels distributed over the vehicle program life to be shipped by SSWL. Starting from 2019, the program's tenure is for 5 years. The order is valued at Rs. 480 crore.
The company reported a mixed set of numbers for February. Though there was de-growth of 4 per cent in total sales for February month in comparison to the same during last year, it reported a robust 11 per cent jump in exports. To develop its product mix and sales volumes, the company has plans of mass production. SSWL is developing more than 15 wheels for domestic as well as export customers which will see mass production in FY19-20.
The stock price rose as much as 6 per cent intraday reacting to the news. On Tuesday, the stock closed at Rs.910, up by 4.68 per cent on BSE.