Shares of Metal Strips Wheels Ltd fell 2% after touching a day’s excessive of Rs 222.88 on fifth August, regardless of the corporate asserting yesterday that it has secured export nominations value Rs 300 crore from two main European automotive OEMs for its metal wheel enterprise. These contracts are tied to automobile applications that shall be produced within the European Union and South America.
The corporate said that these orders shall be executed over 5 years, with collection manufacturing scheduled to start in early 2027 from its Chennai facility. Whereas it didn’t reveal the names of the OEMs, SSWL confirmed they’re amongst Europe’s prime automotive gamers.
This transfer is a part of SSWL’s technique to diversify its export base by decreasing its reliance on the U.S. market and increasing into key areas, such because the EU and South America. The corporate additionally expects extra worldwide enterprise within the coming months as a part of this de-risking plan.
At the moment, the agency’s market capitalisation stands at round Rs 3,419 crore.
At 12:24 PM, the shares of Metal Strips Wheels had been buying and selling 2.12% decrease at Rs 217.75 on NSE.
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