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Steel band wheels win on bagging orders from US and Europe

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Shares of Chandigarh-based rimmaker – Steel Strips Wheels Limited (SSWL) – gained up to 3.53% to hit an intraday high of Rs 717.90 on BSE after reporting trades it had won an order worth Rs 25 crore from US and Europe for 170,000 wheels.

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“SSWL confirms export orders for more than 170,000 wheels for the US and European caravan trailer market; the US mobile home and truck trailer market,” Steel Strips Wheels said in a stock exchange filing.

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Steel Strips Wheels will complete fulfillment of those orders by July 21 from its factories in Chennai and Dappar, the Chandigarh-based wheel maker said.

Similar capacity orders are expected in the coming months from a similar customer base as businesses continue to recover quickly, SSWL added.

As part of a separate development, Steel Strips Wheels will embark on May 7, 2021 to review and approve the company’s financial results for the quarter and fiscal year ended March 31, 2021 and recommend the dividend if applicable, SSWL informed the exchanges. .

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As of 12:53 p.m., shares of Steel Strips Wheels Limited were trading 2.3 percent higher at Rs 709, outperforming Sensex which was up 0.43 percent.

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