Optiemus Infracom jumps 6% on partnering with smartphone maker Nothing

Optiemus Infracom shares rose 6.4 per cent on BSE, logging an intra-day high at ₹712.95 per share. At 12:24 PM, Optiemus Infracoms’ share price was trading 2.47  per cent higher at ₹686.1 per share on BSE. In comparison, the BSE Sensex was down 0.33 per cent at 81,444.39.

 

The company’s market capitalisation stood at ₹6,042.37crore. The stock’s 52-week high was ₹873.65 per share, while its 52-week low was ₹377.5.

Why were Optiemus Infracom shares surging?

The buying on the counter came after the company signed a joint agreement with Nothing Electronics for carrying out the business of manufacturing electronic products of Nothing and CMF.

 

 

Nothing is a United Kingdom based technology company that manufactures smartphones. CMF is a design-led sub-brand of Nothing, focused on delivering beautifully crafted products with an uncompromised user experience in a segment that has long been predictable and neglected. 

 

CMF it will now operate as an independent subsidiary, with India to become its base for operations, research and development (R&D), and manufacturing.

 

As part of the joint venture, Nothing and Optiemus will invest over $100 million and create more than 1,800 jobs in India over the next three years. To date, Nothing has already invested over $200 million in the country. The JV will establish India as a global production and export hub for Nothing and CMF products.

 

“India will play a key role in shaping the future of the global smartphone industry. CMF has been well-received by the market since we launched it two years ago. With our end-to-end capabilities, we are uniquely positioned to now build it into India’s first truly global smartphone brand. Our joint venture with Optiemus is a key milestone toward making that vision a reality,” said Carl Pei, CEO of Nothing. 

 

Optiemus, engaged in the business of electronics manufacturing in India, provides end-to-end solutions to global and Indian brands encompassing world-class manufacturing, supply chain management, and repair/refurbishment. The company has five manufacturing units across India with a highly experienced team and winning attitude, has won the trust of many local as well as global brands, maintaining its commitment towards quality, timely delivery, flexibility as well as customer satisfaction.