Steel Strips Wheels Ltd (SSWL) has secured export orders for over 11,000 wheels from a new US customer to be executed in December 2020 from its Chennai plant.
The stock ended at Rs485.60 down by Rs5.4 or 1.1% from its previous closing of Rs491 on the BSE.
These mark the start of a new business with one of the largest players in the US market.
This new business relationship is expected to realize the annual business of close to USD 10 million in CY2021 which would be one of the largest businesses to be executed from SSWL Chennai plant, the company said in an exchange note.
Above will support in maintaining full capacity production at Chennai steel wheels plant, it added.