India's Steel Strips hits over one-wk high on drop in long-term debt

Steel Strips Wheels

30/12/2022 06:46

** Shares of vehicle wheels and rims maker Steel Strips
Wheels Ltd  STWH.NS  rise as much as 5.5% to 163.70 rupees,
their highest since Dec. 22
    ** STWH says that co prepaid its term debt of 812.6 million 
rupees ($9.81 million) in the current quarter
    ** Thereafter, co's long term debt reduced to 2.7 billion
rupees from 3.74 billion rupees as on March 31
    ** Further, co is working to prepay its long term loans in
the next quarter
    ** Stock posts its biggest intraday pct gain since Dec. 26
    ** About 89,900 shares change hands by 12:05 p.m. IST, 0.7x
30-day avg of 126,496 shares
    ** Stock last up 2.8%, cutting YTD losses to 7.4%
($1 = 82.8000 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))