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Steel Strips Wheels gains on order from Kenyan auto firm

 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

 

  Steel Strips Wheels (SSWL) has moved higher by 4% to Rs 488 on the BSE after the company announced that it has bagged an export order from Mobius Motors, Kenya.

“This order will include development of a 16" Ground wheel and marks SSWL's entry into East Africa.  Total project volume would be approx 150,000 wheels spread over 5 years generating cumulative revenue of about USD 2.4 million,” SSWL said in a BSE filing.

Supplies would be executed from SSWL'S Dappar plant in Punjab, it added.

SSWL, who is already supplying wheels to Morocco and Egypt, aims to further increase its presence-in the African continent. Recent order from Kenya supports this strategy, the company said.

At 11:28 AM, the stock was up 3% at Rs 482 on the BSE and trading nears to its 52-week high of Rs 495 touched on July 4, 2016 in intra-day trade. A combined 45,925 equity shares changed hands on the counter on the BSE and NSE so far.