Business Standard reported that steel Strips Wheels has surged 11% to INR 208 after the company, it is expected to report higher sales of more than 800,000 steel wheel rims in the current month compared to the previous month.

Steel Strips Wheels in a statement said that “In January 2013, the company is expected to achieve sale of 830,000 steel wheel rims.”

The company has achieved sale of 765,000 steel wheel rims during the month of December, 2012 as against 935,000 steel wheel rims in the same month of previous year.

It said that “Due to the overall recession in the 4 wheeler industry, week sentiments for passenger vehicles as well as commercial vehicles, high interest rates and slower economic growth, sale of almost all OEM manufactures witnessed downfall, which affects the performance of the company in December 2012.”