Wheels India jumps on launching flow form technology in cast alloy wheel
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Wheels India is currently trading at Rs. 580.95, up by 8.30 points or 1.45% from its previous closing of Rs. 572.65 on the BSE.
The scrip opened at Rs. 578.15 and has touched a high and low of Rs. 585.00 and Rs. 578.00 respectively. So far 105 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 763.85 on 18-Jan-2022 and a 52 week low of Rs. 502.00 on 31-Mar-2022.
Last one week high and low of the scrip stood at Rs. 583.85 and Rs. 565.10 respectively. The current market cap of the company is Rs. 1398.03 crore.
The promoters holding in the company stood at 57.53%, while Institutions and Non-Institutions held 20.38% and 22.09% respectively.
Wheels India has launched the Flow Form technology in Cast Alloy Wheel, one of the most advanced manufacturing technologies in the wheel industry.
The Company, which operates a state-of-the-art cast aluminum plant in Thervoy Kandigai, near Chennai, recently began exporting the flow forming wheel to the US market and expects to launch the product soon for the Indian market. Flow Forming Technology involves the application of pressure to the inner barrel of the wheel while spinning and after it has been casted. This process stretches and compresses the aluminum, which increases tensile strength. The product was displayed at the auto expo in Delhi.
Wheels India engages in the design, manufacture, and sale of automobile wheels in India.
