Auto Auxiliary Stock Gains Over 4% After Board Approves Stock Subdivision

After the company‘s shareholders cleared a subdivision of the company’s stock, Steel Strips Wheels stock gained more than 4% on NSE in the morning session on October 4.

Shareholders agreed to the appointment of Siddharth Bansal as an independent non-executive director from November 9, 2020 until September 30, 2025, according to another exchange document.

“Subdivision of the Company’s Equity Shares from 1 (one) Equity Share with a par value of Rs. 10 to 2 Equity Shares with a par value of Rs. 5 each. The date of registration for the purpose of subdividing the equity shares will be announced as soon as possible “In a BSE file, the company said.

Steel Strips Wheels long-term issuer rating was upgraded to “IND A-” from “IND BBB +” by India Ratings and Research in September, with a positive outlook.

Steel Strips Wheels is a company specializing in the development and manufacture of steel and alloy vehicle wheels. Its facilities serve a wide variety of national and international automobile manufacturers. Tata Steel and multinational players like Kalink Co from South Korea are among the companies with which the company has partnered.

The stock was up Rs 73.20, or 4.09%, to Rs 1,865 at 11:00 am. It traded between an intraday high of Rs 1,881 and a low of Rs 1,838 on NSE.

On September 1, 2021, the stock hit 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 topped the three-year CAGR of 4.81 percent. The stock returned 66.87% over three years, compared to 76.83% for the Nifty Smallcap 100. Over a three-year period, the stock returned 66.87%, while the Nifty Auto provided investors with a return. by 9.7%.

Article first published: Monday, October 4, 2021, 11:08 a.m. [IST]