We continue to like the business on the back of its focus on CV exports and foray into high margin alloy wheels segment to drive the next leg of growth
Order comprises of approximately 41,000 steel wheels to be shipped from company's Chennai plant from next month onwards.
With this, Kalink is now holding 2,22,540 equity shares (representing 1.43 percent of total paid-up equity) till date, Steel Strips said.
The steel wheel maker, so far, has received 12 orders during October-December quarter, including five orders in current month.
The order will be supplied over period of 12 months and supplies will begin from December 2017.
The company has bagged another exports order for supply of 20000 steel wheels for EU aftermarket.
Axis Direct is bullish on Steel Strips Wheels has recommended buy rating on the stock with a target price of Rs 1061 in its research report dated June 12, 2017.
Axis Direct is bullish on Steel Strips Wheels has recommended buy rating on the stock with a target price of Rs 784 in its research report dated March 02, 2017.
The company has bagged another after-market export order for supply of Caravan steel wheels for EU trailer market.
"For the fourth quarter, we will target to achieve a volume sale of 35.6 lakh as compared to 33.24 lakh achieved in third quarter of the current fiscal, representing a growth of 7 percent," Steel Strips Wheels Ltd (SSWL) said in a regulatory filing.
Steel Strips Wheels shares climbed over 5 percent intraday Wednesday after the company upgraded volume guidance for the quarter ended March 2017.
Axis Securities recommended hold rating on Steel Strips with a target price of Rs 774 in its research report dated October 20, 2016.
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The increase in order is from original 7000 wheels to 34000 wheels, which will be shipped from October 2016 to March 2017.
The said order includes supply of approximately 1,15,000 wheels in a period of six months.
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.
Steel Strips Wheels has reported a sales total income from operations of Rs 325.40 crore and a net profit of Rs 18.60 crore for the quarter ended Jun '16
Around 12 percent of the company's revenues come from exports. Joshi expects a 15 percent rise in export revenues.
The order includes development of 16'' ground wheels and marks company's entry into east Africa.
This order will cover supplies of about 17000 wheels with an order value of about USD 225000 and expects this order to repeat in near future.
This order includes supply of about 9,600 wheels with an order value of about Euro 122,000.