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Steel Strips Wheels rallies on good November sales

 

Steel Strips Wheels bags $ 55 mn order from US-based Elio Motors

  Steel Strips Wheels (SSWL) has rallied 13% to Rs 617 on the BSE after the company reported 14% year on year (YoY) growth in total wheel rim sales of 1.20 million in November 2016. It sold 1.05 million wheel rim in November 2015.

“The sales were heavily skewed towards the heavier wheels indicating better financial performance of the company. The impact of demonetization seems limited and we expect normalcy to return in December 2016,” SSWL said in a statement.

In terms of value, the company achieved 22% YoY jump in net turnover of Rs 115 crore in November 2016 against Rs 94.70 crore in the same month previous year.

The trading volumes on the counter rose more than four-fold with a combined 133,969 equity shares changed hands on the BSE and NSE till 12:41 pm.