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Steel Strips share gains 4% on bagging order from US firm

Steel Strips share gains 4% on bagging order from US firm

Steel Strips Wheels share touched day's high of Rs 439, rising 3.82% on BSE

Steel Strips Wheels share stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages Steel Strips Wheels share stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages

Steel Strips Wheels share closed higher today after the firm said it bagged export orders for over 110,000 wheels for US Caravan Trailer Market. The order is worth $1.7 million or Rs 13 crore.

The stock has gained after 2 days of consecutive fall. It touched day's high of Rs 439, rising 3.82% on BSE. It stands 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 44.77% in one year and fallen 43.35% since the beginning of this year.

Later, the share closed 2.49%  higher at Rs 433.40 on BSE.

Steel Strips Wheels Limited (SSWL) said the company has won export orders for over 110,000 wheels for US Caravan Trailer Market and the order is worth $1.7 million or Rs 13 crore.

The order will be processed in September and October from its Chennai plant. The inflow of more orders is expected to come from various other customers as the market gains stability.

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The company also said that the production at the Chennai steel wheel plant will be utilized in passenger car and truck line 100% from September onwards, SSWL said.

Meanwhile, benchmark indices closed higher for the second straight day on heavy buying in shares of heavyweights such as Reliance Industries, HDFC Bank and ICICI Bank. Sensex closed 477 points higher at 38,528 and Nifty gained 138.25 points or 1.23 per cent to end at 11,385.

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