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Tuesday, September 22, 2009

Steel Strips Wheels Ltd:Future growth outlook and prospects,auto ancillary bet

Scripscan: Steel Strips Wheels Ltd
Bse code:513262

Story:Steel Strips Wheels is going to invest Rs 140 crore in new plant at Jamshedpur. This plant will have production capacity of 1 m wheels and it will be commissioned by April ‘10. This will hike the capacity in Chennai plant by 2 m units.Patiala-based SSWL, manufactures and sells single piece steel wheel rims for scooters, passenger cars, utility vehicles, and tractors in India. The company also exports its products to Europe and North America. The company offers its products in the range of 10 to 30 inches dia. The firm has technical collaboration with Kannai Motor Wheel Company.It is the sole supplier of wheels to Hondo City, Chevrolet Spark, and Logan, and has 60 per cent share in Maruti’s vehicle portfolio.It would be prudent to note that back in late 2007,Tata Steel’s investment arm, Kalimati Investment Company, has invested Rs 213 crore to buy around 10 per cent stake in Steel Strips Wheels.Tata Steel is a supplier of raw material to Steel Strips Wheels and Tata Motors is a buyer of its products.Steel Strips Wheels supplies the entire requirement of wheels for Tata Motors’ western region requirement.The company has recently alloted 5 lakh shares at 100rs to the promoters which is a hefty premium to the present cmp.It certainly inspires tremendous amount of confidence and conviction when promoter himself increases his stake in his comopany at a premium.There were recent reports of the TATA group looking to increase their stake in the company.If that happens expect the steel strip counter to buzz bigtime in the bourses.The company has been expanding capacilities,putting up plants,adding clients,increasing sales quarter after quarter.Considering all these its one of the best bet in the auto ancillary sector.A great buy.

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