Steel Strips in the green

Steel Strips Wheels has spurted up to Rs.126.50, a jump of over 3.6%, with an intra day high at Rs.129.05.

The stock is up in the green after it reported a major jump in its August sales. In a Press Release issued by the company yesterday morning, the stock has reacted today. It reported the highest ever monthly sales for August as its wheel sales rose 16% (YoY) to 9.71 lakh units in August. Exports spurted 140% to 179,940 units. Its tractor segment sales rose 49% on the back of very good demand from all across the customers. The company hopes that good monsoon will keep the demand high in coming months. In the 2-3 wheeler segment, sales rose 41% while demand from commercial vehicles remained soft. Concentrating on improving market share and product mix, the company expects to achieve 10 lakh wheel sale mark in October 2013 which again would be a record monthly sale number. These numbers of the company come in direct contrast to the current state of the automobile sector which seems to have come to a grinding halt  with lower sales being reported every month.