Fiem Industries soared 14.67% to Rs 909.60 after the company said it is the sole supplier of headlamps, tail lamps, indicators, rear fender assemblies and mirrors for Ola Electric's newly launched scooters S1 and S1 Pro.
Fiem Industries said it sees a huge potential in the Indian two-wheeler electric vehicle (EV) segment and going forward, and it is hopeful to capturing greater market share in this segment. The announcement was made after market hours yesterday, 17 August 2021.
Fiem reported a consolidated net profit of Rs 11.32 crore in Q1 FY22 compared with net loss of Rs 23.82 crore in Q1 FY21. Net sales during the quarter surged 313.10% Y-o-Y to Rs 272.25 crore.
Fiem Industries is engaged in lights, signaling equipment and parts; rear view mirror and parts; plastic molded parts, and light-emitting diode (LED) luminaries business. The company's segments include automotive and LED luminaries.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.