Steel Strips Wheels hits 5% upper circuit on record March sales
The stock rose 5% to Rs 847.95 against the previous close of Rs 807.60 on BSE in the afternoon session. Steel Strips Wheels stock opened with a gain of 2.67% at Rs 829.20
- Apr 1, 2022,
- Updated Apr 1, 2022 2:18 PM IST
Shares of Steel Strips Wheels hit upper circuit of 5 per cent today after the manufacturer of steel wheel rims clocked highest ever monthly sales in the commercial vehicles segment. Steel Strips Wheels clocked net turnover of Rs 365.73 crore in March 2022 against Rs 253.29 crore in March 2021, recording a growth of 43.92 per cent on year-on-year (YoY) basis.
Gross turnover came at Rs 446.65 crore in March 2022 against Rs 307.38 crore in March 2021, reporting growth of 45.20 per cent YoY.
The stock rose 5 per cent to Rs 847.95 against the previous close of Rs 807.60 on BSE in the afternoon session.
Steel Strips Wheels stock opened with a gain of 2.67 per cent at Rs 829.20. The share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap share has gained 135.79 per cent in a year but fallen 1.5 per cent since the beginning of this year.
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In a month, the stock has climbed 17 per cent.
Total 8,756 shares of the firm changed hands amounting to a turnover of Rs 73.98 lakh.
Market cap of the firm rose to Rs 2,647.21 crore on BSE. The stock hit a fresh 52-week high of Rs 995 crore on September 1, 2021 and a 52-week low of Rs 312.50 on May 3, 2021.
Steel Strips Wheels reported a 48.44 per cent rise in net profit at Rs 42.69 crore for the quarter ended December 2021 against Rs 28.76 crore profit in the corresponding quarter of the previous fiscal. Sales climbed 64.05 per cent to Rs 860.52 crore in Q3 against Rs 524.54 crore sales in the December quarter of previous fiscal.
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Operating profit rose 62.70 per cent to Rs 106.62 crore in the last quarter against Rs 65.53 crore profit in Q3 of previous fiscal.
Steel Strips Wheels Limited is engaged in the business of manufacturing steel wheel rims and alloy wheel rims which are used in automotive vehicles. The company's products include steel wheels, alloy wheels and hot rolling mill.
The company operates primarily in India and has a presence in international markets as well. It has manufacturing facilities at Dappar (Punjab), Oragadam (Chennai), Jamshedpur(Jharkhand), Mehsana (Gujarat) and Saraikela (Jharkhand).
Shares of Steel Strips Wheels hit upper circuit of 5 per cent today after the manufacturer of steel wheel rims clocked highest ever monthly sales in the commercial vehicles segment. Steel Strips Wheels clocked net turnover of Rs 365.73 crore in March 2022 against Rs 253.29 crore in March 2021, recording a growth of 43.92 per cent on year-on-year (YoY) basis.
Gross turnover came at Rs 446.65 crore in March 2022 against Rs 307.38 crore in March 2021, reporting growth of 45.20 per cent YoY.
The stock rose 5 per cent to Rs 847.95 against the previous close of Rs 807.60 on BSE in the afternoon session.
Steel Strips Wheels stock opened with a gain of 2.67 per cent at Rs 829.20. The share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap share has gained 135.79 per cent in a year but fallen 1.5 per cent since the beginning of this year.
ALSO READ: Sensex, Nifty has rallied over 18% in FY22; these risks may cap upside in FY23
In a month, the stock has climbed 17 per cent.
Total 8,756 shares of the firm changed hands amounting to a turnover of Rs 73.98 lakh.
Market cap of the firm rose to Rs 2,647.21 crore on BSE. The stock hit a fresh 52-week high of Rs 995 crore on September 1, 2021 and a 52-week low of Rs 312.50 on May 3, 2021.
Steel Strips Wheels reported a 48.44 per cent rise in net profit at Rs 42.69 crore for the quarter ended December 2021 against Rs 28.76 crore profit in the corresponding quarter of the previous fiscal. Sales climbed 64.05 per cent to Rs 860.52 crore in Q3 against Rs 524.54 crore sales in the December quarter of previous fiscal.
In Pics: Stocks suggested by analysts for FY23
Operating profit rose 62.70 per cent to Rs 106.62 crore in the last quarter against Rs 65.53 crore profit in Q3 of previous fiscal.
Steel Strips Wheels Limited is engaged in the business of manufacturing steel wheel rims and alloy wheel rims which are used in automotive vehicles. The company's products include steel wheels, alloy wheels and hot rolling mill.
The company operates primarily in India and has a presence in international markets as well. It has manufacturing facilities at Dappar (Punjab), Oragadam (Chennai), Jamshedpur(Jharkhand), Mehsana (Gujarat) and Saraikela (Jharkhand).