Steel Strips Wheels (SSWL), a producer of automobile wheel rims, announced that the company has signed a long term agreement (LTA) with one of the leading tractor manufacturer from the North India for supplies of tractor wheel rims.

Escorts are existing customer of the company and under the LTA the share of business with the customer will take a big leap and make us a majority supplier. The LTA is valid for 3 years and will improve the overall profitability and visibility of the comapny as the sales mix will move towards the heavier wheel.

The company is also in discussion to execute few more LTA of similar nature with other tractor majors of the country.

Shares of the company gained Rs 8.7, or 2.71%, to settle at Rs 329.60. The total volume of shares traded was 8,113 at the BSE (Monday).