Steel Strips Wheels Ltd (BSE: 513262, NSE: SSWL) has gained 1.71% in morning trade on news of receipt of another export order from BMW, Germany.
The order is for supply of 46,000 steel wheels to be supplied to BMW’s Leipzig from SSWL’s Chennai Plant from next financial year onwards. The share prices are seen rebounding after a recent fall to 972 levels.
SSWL has maintained a strong business relationship with BMW for the past eight years and the present order would help strengthen SSWL in the challenging EU steel wheels market.
The Q3 FY 18 results showed 32.41% growth in net profit on annualised basis at Rs 18.12 cr while sales rose 18.58% to Rs 397.44 cr.
On the technical charts, RSI of 39 indicates bearishness while MACD has witnessed a bearish cross over indicating sell and ADX of 14.34 indicates range bound trading