Steel Strips Wheels win new orders worth over US$ 1 million for 1,19,000 wheels
Steel Strips Wheels Limited (SSWL), an automotive steel wheels manufacturer, secured export orders on Monday for over 1,19,000 wheels for the US Caravan trailer market.
The order is worth over US$ 1 million, which is to be executed in the month of August from its Chennai plant. This is the largest order from a single customer for the month. It encompasses most of the development done by the company for the US market.
It appears as a big step towards an acceleration in business activities in the US and EU markets as they are gaining momentum after the slowdown due to pandemic. The company expects the inflow of more orders from different customers as the market is gaining stability. The developments in the markets will further ramp-up the production at the Chennai steel wheels plant.
SSWL’s export segment has reached pre-COVID levels and the company expects it to trend up and maintain 10 per cent-15 per cent growth in volume going ahead.
SSWL caters to a wide range of domestic and global automobile customers’ demands along with the highest quality standards benchmark. The product range consists of steel wheels for two and three-wheelers, trucks, tractors, multi-utility vehicles and OTR vehicles.
At around 1.02 pm, the share was trading at Rs 438.45 with a growth of 1.45 per cent or Rs 6.25 on BSE.