Fiem Industries surges on receiving Letter of Intent

Fiem Industries surged 7.04% to Rs 684 at 12:26 IST on BSE after the company received a Letter of Intent from Energy Efficiency Services for two packages aggregating to Rs 99.79 crore.

The announcement was made on Friday, 3 April 2015. The stock market remained closed on Friday, 3 April 2015, on account of Good Friday.

Meanwhile, the BSE Sensex was down 5.98 points, or 0.02%, to 28,254.16

On BSE, so far 17,925 shares were traded in the counter, compared with an average volume of 25,952 shares in the past one quarter.

The stock hit a high of Rs 692.75 and low of Rs 640 so far during the day. The stock hit a record high of Rs 945.30 on 15 January 2015. The stock hit a 52-week low of Rs 400 on 2 April 2014.

The stock had underperformed the market over the past one month till 1 April 2015, falling 12.91% compared with 3.75% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 25.55% as against Sensex's 2.74% rise.

The small-cap company has an equity capital of Rs 11.96 crore. Face value per share is Rs 10.

Fiem Industries said that the company has received a Letter of Intent from Energy Efficiency Services (EESL) for design, manufacture, supply, testing, installation, commissioning CCMS and 7 year warranty of LED street lights and other related works under South Delhi Municipal Corporation in Delhi. The price for Package 1 of Central Zone was Rs 48.32 crore and price for package 4 of West Zone was Rs 51.47 crore. Regarding tender of LED street lights in three clusters of Andhra Pradesh, Fiem Industries said that the company has opted out of tender.

Earlier, Fiem Industries had informed that the company has participated in tenders floated by EESL for design, manufacture, supply, testing, installation, commissioning etc. of LED street lights. The company had on 24 March 2015 informed that it has stood L-1 in tender of LED street lights in four zones of Delhi and stood L-2 in tender of LED street lights in three clusters of Andhra Pradesh.

Fiem Industries' net profit fell 1.8% to Rs 10.09 crore on 7.7% rise in net sales to Rs 201.33 crore in Q3 December 2014 over Q3 December 2013.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors.

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