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.
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At 1316 hours, Steel Strips Wheels was quoting at Rs 1,911, up Rs 38.85, or 2.08 percent, on the BSE.
The share touched a 52-week high of Rs 1,968 on August 27, 2021 and a 52-week low of Rs 414.00 on September 25, 2020. It is trading 2.9 percent below its 52-week high and 361.59 percent above its 52-week low.
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