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Fiem Ind jumps on adding Ola Electric as customer

Capital Market 

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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, August 17 2021. 10:39 IST