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Shares of smallcap firm Fiem Industries climbed over 15% in Tuesday’s trade after the company informed bourses that it is a sole supplier to Ola Electric for head lamps, tail lamps, indicators, rear fender assembly and mirrors. After hitting an intraday high of Rs 951.80 in early deals, the scrip traded 15.56% higher at Rs 916.60 apiece at around 10 am (IST).
On the other hand, the benchmark BSE Sensex was down 0.07% at 55,544 at around the same time.
“After Ola Electric Mobility (Ola Electric) Scooter S1 and S1 Pro’s public launch yesterday, with a view to disseminate information to all investors and exchange, we are extremely happy to inform that Fiem Industries Limited is a sole Supplier to Ola Electric for head lamps, tail lamps, indicators, rear fender assembly and mirrors,” the company said in a regulatory filing. It further said that this is a landmark client addition for us and it is excited and fully prepared to cater demands of Ola Electric in the future.
It further added that the company sees a huge potential in the Indian 2-wheeler electric vehicle (EV) segment and going forward, it is hopeful to capturing greater market share in this segment.
The company is engaged in the lights, signalling equipment and parts, rearview mirror and parts, plastic moulded parts, and light-emitting diode (LED) luminairies business. The company’s segments include automotive and LED luminaries. It is also engaged in the business of sheet metal components for motorised vehicles and others parts for automotive.
Of late, the company posted a consolidated net profit (after share of associates or joint ventures) of Rs 10.89 crore for the quarter ended June 30. It had reported a loss of Rs 25.65 crore in the same quarter last year. Net sales of the company increased by 313% YoY to Rs 272.25 crore.
Foreign portfolio investors increased their stake in the company during the quarter gone by. They held 9.05% stake in Fiem Industries as of June 30 against 8.72% in the preceding quarter ended March 31. On the other hand, promoters continue to held 66.56% stake in the company.