India's Steel Strips Wheels up on acquiring AMW Autocomponent

Steel Strips Wheels

10/01/2024 04:18

** Shares of Steel Strips Wheels  STWH.NS  rise as much as
3.4% to 264.30 rupees; last up 0.8%
    ** Steel and alloy wheel rims maker completes acquisition of
AMW Autocomponent (AACL) by infusing funds worth 1.38 bln rupees
($16.59 mln); co now holds 100% equity interest in AACL
    ** STWH on track for second straight session of gains, if
trends hold
    ** Stock trading above its 200-day moving average since June
2023; below 50- and 100-day moving averages since Jan
    ** More than 173,500 shares change hands, 0.7x the 30-day
avg 
    ** Stock gained about 63% in 2023, best year since 2021



($1 = 83.1725 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))