Steel Strips Wheels hits upper circuit after record sales in July

New Delhi: Shares of Steel Strips Wheels (SSWL) hit the upper circuit limit on Tuesday after the company reported monthly sales of more than Rs 300 crore in July.

The auto ancillary has achieved the highest-ever net turnover of Rs 306.12 crore in July 2021 as against Rs 110.35 crore in July 2020, the company said in a regulatory filing.

Following the development, shares of the company soared 10 per cent, its daily circuit limit, to Rs 1,658.90 on Tuesday. BSE Sensex was trading at 53,300.93, 350.30 points or 0.66 per cent higher, at the same time.

The company recorded a growth of 177.41 per cent on a year-on-year basis and achieved gross turnover of Rs 372.22 crore in July 2021. This was at Rs 132.75 crore the same month previous year, the filing added.

Exports segment volume rose 164 per cent and grossed highest ever net sales of more than Rs 100 crore. The company expects growth to continue in Q2FY2022.

Shares of Steel Strips Wheels have been on a roll recently. The scrip has delivered more than 230 per cent in 2021 so far. The counter has jumped 75 per cent in the last one month.