Steel Strips Wheels share price jumps 5% on bagging exports order

Steel Strips Wheels share price was trading 5% higher on Wednesday's early session after the company bagged exports orders for over 20,000 wheels for US & EU Caravan Trailer Market.

Following the update, the share price of Steel Strips Wheels opened with a gain of 2.69% and later touched an intraday high of Rs 453.95, rising 5.01% on BSE.

The stock earlier settled at Rs 432.30 in Tuesday's trade.

Currently, the SSWL stock trades higher than its 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages.

The stock has gained 19% in one week and 35% in one month, respectively. SSWL stock has given 20% returns to investors in the last 4 days.

Market capitalisation of the firm stood at Rs 694.91 crore as of today's session.

Steel Strips Wheels Ltd (SSWL) told the exchanges that it has bagged firm exports orders for over 20,000 wheels for US & EU Caravan Trailer Market to be executed from July until November from its Chennai plant.

This reaffirms gradual ramp-up of operations in EU & US post-Covid lockdown, the company said.

As per the filing, additional orders are expected in coming weeks from several other regular customers as the market begins to recover.

This will support further assist in ramping up of production at Chennai steel wheels plant, the company said in a regulatory filing.

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