Steel Strips Wheels receives order from Renault

Submitted by Himanshu Thakur on Thu, 11/12/2009 - 17:10

Steel Strips Wheels, leading auto accessory company has announced that it has pocketed an order from Europe-based car manufacturer Renault. The order has been awarded for 100% supply of steel wheel rims for Renault's approaching greenfield project in TANGER, Morocco.

In a declaration, Steel Strips Wheels said that from last three month period of fiscal 2011, the company will commence supplying steel wheel rims from its Chennai facility to Renault.

Functionaries of Steel Strips Wheels stated in a communiqué that the company likely to supply more than 3 million wheel rims in 5 years, which will contributes to earning of foreign exchange of nearly Euro 28 million to the company. Shares of the company reacted sharply and hit upper limit at Rs 96.75, up nearly five per cent from its previous close.


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Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

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