Steel Strips Wheels (SSWL), a producer of automobile wheel rims, witnessed a sharp rise in share price on Friday after it said Thursday the company is setting up a specially designed hot rolling mill (HRM) at Seraikela, state of Jharkhand, for rolling of profile bar under the backward integration policy of the company. The total cost for setting up is approx. Rs 550 million.
Shares of the company are trading at Rs 381.50, up Rs 48.4, or 14.53% at the Bombay Stock Exchange (BSE) on Friday at 10:03 a.m.
The scrip has touched an intra-day high of Rs 385.80 and low of Rs 339.60. The total volume of shares traded at the BSE is 38,251.