Steel Strips Wheels share price jumps, hits new life high amid new order news, stock soars 25% in two days

Hitting a new 52-week high on Wednesday, the shares of Steel Strips Wheels (SSWL) zoomed over 18 per cent to Rs 1,350 per share on the BSE intraday trade. The stock has soared over 25 per cent in the last two days as the company on Tuesday received a new order of over Rs 113 crore. 

According to the company’s filing to exchanges, “SSWL confirms export orders valued over $15 million (Rs113 crores from Western Hemisphere. SSWL will complete their execution by August 21 from its Chennai and Dappar plants. Orders for a similar capacity are anticipated in coming months from similar customer base as the business continues to recover rapidly.”

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At around 03:10 pm, the stock was trading almost 12 per cent higher to Rs 1277.95 per share on the BSE, as compared to 0.33 per cent rise in the S&P BSE Sensex. A combined around 400,000 shares had changed hands on the counter on the NSE and BSE.

The counter has spurted 81 per cent in the last one month on the BSE, as against a marginal 0.26 per cent rise in the S&P BSE Sensex.

In a separate filing on Tuesday, the promoters of SSWL released 1,33,000 pledged shares, and accordingly, now the number of shares pledged has been reduced to 3.28 million, which is 21.05 per cent of the total paid-up capital of the company and 33.53 per cent of total promoter shareholding.

The promoters along with the persons acting in concert hold 9.8 million equity shares in SSWL, which is 62.77 per cent of the total paid up capital of the company and out of which 3.42 million equity shares were pledged which was 21.9 per cent of the total paid-up capital of the company and 34.89 per cent of total promoter shareholding, SSWL said.