Shares of Steel Strips Wheels Ltd. (SSWL) rose as much as 3.27 per cent to hit an intraday high of Rs 460.55 on the BSE after it informed stock exchanges that it has secured an order for wheels from European Union caravan trailer market. The Chandigarh-based steel wheel rim maker has got order for nearly 5,100 wheels for EU caravan trailer market. The order will be executed in October from its Chennai plant, Steel Strips Wheels Ltd. said in an exchange filing.
The company added that orders of similar capacity are anticipated from the same customer as businesses have picked up pace.
Steel Strips Wheels Ltd. shares price has so far this year dropped 42 per cent following low car sales owing to Covid-19-induced lockdowns in the country.
Meanwhile, since the unlock process began the company, has been getting new orders. Earlier this month in two separate orders, Steel Strips Wheels Ltd., got export orders for 1,10,000 wheels from US caravan trailer market and an export order for nearly 2,700 wheels for US truck trailer market. Both the orders will be executed from its Chennai plant.
As of 12:50 pm, Steel Strips Wheels shares traded nearly 2 per cent higher at Rs 454.10, outperforming the Sensex which was up 0.54 per cent.