Steel Strips Wheels rallies 18% on new orders, reduction in pledged shares

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Shares of Steel Strips Wheels hit a 52-week high of Rs 1,350 after the company said it received new orders for over $15 million (Rs 113 crore) from Western Hemisphere.

Steel Strips Wheels rallies 18% on new orders, reduction in pledged shares
Shares of Steel Strips Wheels (SSWL) hit a 52-week high of Rs 1,350 as they surged 18 percent on the BSE on Wednesday after the company said it received new orders for over $15 million (Rs 113 crore) from Western Hemisphere.
The stock has risen 25 percent in the last two sessions.
“SSWL confirms export orders valued over $15 million from Western Hemisphere. SSWL will complete its execution by August 21 from its Chennai and Dapper plants. Orders for a similar capacity are anticipated in coming months from a similar customer base as the business continues to recover rapidly," the company said in a BSE filing.
In a separate regulatory filing, the firm also announced that the promoters have released 1.33 lakh pledged shares reducing the number of shares pledged to 32.8 lakh. This is 21 percent of the total paid-up capital of the company and 33.53 percent of total promoter shareholding.
The promoters along with the persons acting in concert hold 98 lakh equity shares in SSWL, which is 62.77 percent of the total paid-up capital of the company and out of which 34.2 lakh equity shares were pledged which was 21.9 percent of the total paid-up capital of the company and 34.89 percent of total promoter shareholding, the firm added.
In the past month, the stock of SSWL has rallied 81 percent, as compared to a marginal 0.26 percent rise in the S&P BSE Sensex.