Steel Strips Wheels (SSWL) share price gained 3 percent intraday after the company signed a three-year agreement with Tata Steel Long Products for the rolling of round bars, the company said in a release.
The supplies from SSWL Saraikela plant will start from October 2021. This deal has a supply potential of 50000 MTs of rolled round bars per annum. These products will target automotive customers in India.
The agreement reinforces Tata Steel's confidence in SSWL to develop long-term strategic partnerships. Tata Steel has had a strategic equity stake in SSWL since 2008.
At 1316 hours, Steel Strips Wheels was quoting at Rs 1,911, up Rs 38.85, or 2.08 percent, on the BSE.