This Auto Ancillaries Stock Gains Over 4% After Board Approves Sub-Division Of Shares

After the company’s shareholders authorized a sub-division of the company’s shares, Steel Strips Wheels‘ stock gained more than 4% on NSE in the morning session on October 4.

Shareholders accepted the appointment of Siddharth Bansal as a non-executive independent director from November 9, 2020, to September 30, 2025, according to another exchange filing.

“Subdivision of the Company’s equity shares from 1 (one) equity share with a face value of Rs. 10/- to 2 equity shares with a face value of Rs. 5/- each. The Record Date for the purpose of subdividing equity shares will be announced as soon as possible “In a BSE filing, the company stated.

Steel Strips Wheels Long-Term Issuer rating was improved to ‘IND A-‘ from ‘IND BBB+’ by India Ratings and Research in September, with a positive outlook.

Steel Strips Wheels is a company that specializes in developing and manufacturing steel and alloy vehicle wheels. Its facilities serve a diverse variety of domestic and international automakers. Tata Steel and multinational players like South Korea’s Kalink Co are among the companies with which the corporation has partnered.

The stock was up Rs 73.20, or 4.09 percent, at Rs 1,865 at 11.00 AM. It has traded between an intraday high of Rs 1,881 and a low of Rs 1,838 on NSE.

On September 1, 2021, the stock reached a 52-week high of Rs 1,958 and a 52-week low of Rs 445, in October 2020.

Annual sales growth of 11.37 percent surpassed the company’s three-year CAGR of 4.81 percent. The stock returned 66.87 percent over three years, compared to 76.83 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 66.87 percent, while the Nifty Auto provided investors a 9.7 percent return.