Steel Strips Wheels share price jumps 4% on bagging export orders

Steel Strips Wheels share price was trading 4% higher in Tuesday's early session after the company received export orders for 9,000 wheels for EU trailer market.

The Chandigarh-based wheel maker said in a stock exchange filing that it has won orders of nearly 9,000 wheels for EU trailer market, to be executed in October & November from its Chennai plant.

Following the update, the share price of Steel Strips Wheels touched an intraday high of Rs 450, rising 3.91% on BSE.

The stock earlier settled at Rs 433.05 in Monday's trade.

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

The stock has gained 6% in the last 2 days. The firm's market capitalisation stood at Rs 690.62 crore as of today's session.

Steel Strips Wheels Ltd (SSWL) share touched its 52-week high of Rs 797.00 on 10 October 2019 and 52-week low of Rs 317.35 on 20 May 2020, respectively.

As per the filing, orders of similar capacity are anticipated from the same customer base as businesses have picked up speed.