Moneycontrol Bureau
Steel Strips Wheels (SSWL) shares rallied 5 percent intraday Friday on exports order from the US company.
"Supplies would be for Elio Motors' plant in Shreveport, Louisiana and would be executed from SSWL's Chennai plant," the company said.
Total volume would be approximately 3 million wheels spread over 5 years generating cumulative revenue of about USD 55 million, it added.
SSWL aims to increase its presence in North America by launching its commercial vehicle steel wheels and passenger car alloy wheels from its upcoming green field plants in India in coming months.
At 11:44 hours IST, the scrip of Steel Strips Wheels was quoting at Rs 517.00, up Rs 24.25, or 4.92 percent on the BSE.Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
