Steel Strips Wheels share closed higher today after the firm won fresh orders from the US market. The firm said it received export orders of nearly 139,000 wheels for US caravan trailer market worth $1.17 million to be executed in 4 months starting November 2020 from its Chennai plant.
Orders of similar capacity are anticipated from the same customer base as businesses have picked up speed, the company said in an exchange filing.Reacting to the development, Steel Strips Wheels share gained 8.13% intra day to Rs 499.9 against previous close of Rs 62.30 on BSE. The stock has gained 6.58% in two days.
It opened with a gain of 3.39% at Rs 477.95 today.
The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
Steel Strips share has lost 39.33% in one year and fallen 38.02% since the beginning of this year.
Later, the share closed 2.57% higher at Rs 474.40 on BSE.Total 3,927 shares changed hands amounting to turnover of Rs 18.54 lakh on BSE. Market cap of the firm stood at Rs 739.26 crore.
On August 18, the firm bagged bagged export orders for over 110,000 wheels for US Caravan Trailer Market. The order was worth $1.7 million or Rs 13 crore.
Meanwhile, Indian equity market ended in green led by gains in Reliance Industries and positive trend in August auto sales. Strong economic data took European and Asian markets higher signaling recovery in major economies. Sensex ended 185 points higher at 39,086 and Nifty gained 64 points to 11,535.