Steel Strip Wheels surges 6% on highest-ever monthly sales

MUMBAI: Shares of Steel Strip Wheels surged higher on Tuesday after the company achieved its highest-ever monthly sales in August 2013.

The company reported sales of 9.71 lakh units in August as against 8.35 lakh in the year-ago period, a growth of 16 per cent year on year. Exports grew by 140 per cent to 179,940 units in August 2013 as against 74,940 in the same period last year.

“Strong performance is expected to continue with more new export business coming on-stream and ramping up of existing businesses will result in higher volumes going forward in FY14. This will improve profitability going forward,” the company said in a filing to the stock exchanges.

The company expects to achieve the 10-lakh mark in October 2013.

At 10:45 am; the stock was at Rs 123.05, up 6.17 per cent, on the BSE. It touched a high of Rs 129 and a low of Rs 120 in trade today.