Steel Strips soars after order win
- Shares of Steel Strips Wheels surged 12.7% today after it announced yesterday that it has received international orders worth ₹113 crore. The company will execute these orders by August 2021 and is expecting similar orders in the coming months as its business recovers rapidly.
- The automotive wheel maker had recently posted a 463% YoY rise in revenue from operations for the June quarter to ₹678 crore. Further, it recorded a profit of ₹51 crore, as compared to a loss of ₹38 crore in the corresponding period last year. The stock has risen over 20% in the last two days and over 51% so far this month.
WPI cools, but prices still high
- The wholesale prices marginally eased to 12.07% in June from 12.94% in May. The reason for the high inflation rate was the low-base effect of last year as well as rising fuel and commodity prices.
- The prices of fuel and manufactured products like metal and chemicals rose by 32.8% and 10.8%, respectively. Whereas, food prices moderated to 6.6% in June as compared to 8.1% in May, which helped in cooling down the wholesale prices to an extent.
Zomato IPO receives strong interest
- The online food delivery company received strong interest from investors and was fully subscribed on Day 1. Individual investors flocked towards the IPO in large numbers, with the retail portion being oversubscribed more than 2 times.
- Ahead of the IPO opening, anchor investors including global PE majors and domestic mutual funds mopped up Zomato’s shares worth about ₹4,200 crore.
Maruti gears up for a new plant
- According to the reports, India’s largest car maker is planning to invest ₹18,000 crore for setting up a new factory in Haryana. The plant will have the capacity to produce 7.5 to 10 lakh units annually.
- The new plant is expected to replace the company’s Gurugram plant, which has a capacity of about 7 lakh units. While the pandemic has delayed plans for the new factory, the carmaker reportedly said that it would like to shift to the new location quickly. Meanwhile, shares of Maruti Suzuki were down 1.4% today.