Steel Strips Wheels Stock is Trading 21% Below the High, Board Approves Stock Split

Steel Strips Wheels Ltd. is a small-cap business that operates in the auto ancillaries sector with a market worth of ₹2,363.51 crore. The business is a pioneer in the design and production of vehicle steel and alloy wheels. In addition to its headquarters in Chandigarh, the firm also has production facilities in Dappar (Punjab), Oragadam (Chennai), Jamshedpur (Jharkhand), Mehsana (Gujarat), and Saraikela (Jharkhand). The Board of Directors declared the record date for the stock split during their meeting today to determine the shareholders’ eligibility for the same.

Today the company said in a stock exchange filing that “ln continuation to our letter dated 20.10.2022 w.r.t “outcome of Board Meeting” and pursuant to Regulation 42 of SEBl (Listing Obligations and Disclosure Requirements) Regulations’ 2015 (“SEBI Regulations”)’ we wish to inform you that the Board of Directors of the company in its meeting held today i.e. 20.10.2022 has fixed the Record Date as Friday, November 11, 2022, for the purpose of ascertaining the entitlement of shareholders pursuant to sub-division of equity shares of the company from the existing 1 (one) equity share of face value of Rs.5/- each into 5 (Five) equity shares of face value of ₹1 each as approved by the shareholders in the 36th Annual General Meeting held on Friday, 30th September 2022.”

Steel Strips Wheels’ net profit dropped from ₹62.80 crore in Q2FY22 to ₹54.61 crore in Q2FY23, a 13.04% YoY decrease. Sales increased 12.84% YoY to ₹1081.09 crore in Q2FY23 from ₹958.04 crore in the same period the year before.

The closing price of Steel Strips Wheels Ltd’s shares was ₹754.90 today, down from the previous close of ₹782 by 3.47%. The stock had a total volume of 105,672 shares traded on Thursday vs the 20-Day average volume of 27,151 shares. The stock has decreased 16.58% over the past year, and on a year-to-date basis, it has decreased 11.74% in 2022. The company’s 52-week high on the NSE was ₹964.00 on October 19, 2021, and its 52-week low was ₹676.70 on January 27, 2022, meaning that the stock is now trading at a price that is 21.69% below the high and 11.55% above the low. The firm reported a promoter ownership of 62.60%, FIIs holding of 0.14%, DIIs holding of 0.41%, and public shareholding of 36.86% for the quarter that ended in September 2022.

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