Fiem Industries, which is into automotive lighting industry, with 9 state of the art manufacturing plants, located in different states in India, seems to be in the cynosure of all eyes.
The stock, which had closed yesterday at Rs.793.20, opened higher at Rs.924 and went on to hit a new 52-week high at Rs.951.80 on the back of almost 6.5 times jump in volumes.
The company announced yesterday after market hours that 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.
The company said, “In addition to other existing EV clients of ours, this is a landmark client addition for us and we are excited and fully prepared to cater all demands of Ola Electric in the future. Company sees a huge potential in the Indian 2-Wheeler Electric Vehicle (EV) segment and going forward, we are hopeful to capturing greater market share in this segment.”
On the earnings front, the company ended Q1FY22, with a 57% (QoQ) decline in consolidated net profit at Rs.11 crore while, YoY, it was a turnaround from a loss of Rs.24 crore. Revenue from operations declined 34% (QoQ) at Rs.272 crore.