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Steel Strips Wheels gains 3% on export order from US

Date: 04-08-2020
Subject: Steel Strips Wheels gains 3% on export order from US
Steel Strips Wheels share price jumped 3.5 percent intraday on August 4 after the company bagged an export order from the US.

The company has bagged firm export orders for over 116,00 wheels for US Caravan Trailer Market to be executed in the month of October from its Chennai plant, as per company release.

The inflow of more orders is expected to come from various other customers as the market gains stability. Production at the Chennai steel wheel plant will further ramp up with such developments, it added.

The company achieved July 2020 total wheel rim sales of 9.25 lakh versus 12.59 lakh in July 2019 representing a de-growth of 27 percent YoY.

Company expects to maintain good month-on-month uptrend to come to pre-COVID levels by September 2020.

It has achieved a gross turnover of Rs 132.75 crore in July 2020 versus Rs 182.52 crore in July 2019, thereby recording a de-growth of 27 percent and achieved a net turnover of Rs 110.35 crore in July 2020 versus Rs 154.50 crore in July 2019, recording a de-growth of 29 percent.

The share price declined 45 percent in the last six months.

Source:- moneycontrol.com

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