Steel Strips Wheels Limited, a leading manufacturer of automotive wheels, said that its sales have fallen 14.43% in September 2011 to 753,000 rims. The company had reported a sales figure of 880,000 during the same period of last year.
Its production also declined by little over 13% to 753,000 rims vis a vis 866,000 rims of September 2010.
It achieved a growth of 262% in sale of truck wheels and 50% growth in sales of tractor wheel rims. But, sales of car wheel rims, the mainstay of the company, registered a decline of over 20% in September 2011.
The company achieved exports growth of over 57% at 123,020 rims during the month, as compared to 77,901 rims during the corresponding period of 2010. Its scrip was trading at about INR 215 on the Bombay Stock Exchange at 1430 hours, down 0.85%.
Sourced from economictimes.indiatimes.com