Shares of Fiem Industries hit a 52-week high of Rs 951.80 as they rallied 20 per cent on the BSE in intra-day trade on Tuesday 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.
In addition to other existing Electric Vehicle (EV) clients, 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, the company said in an exchange filing. The company further added that it sees a huge potential in the Indian 2-Wheeler EV segment and going forward, it is hopeful of capturing greater market share in this segment.
Fiem Industries is engaged in the business of manufacturing and supply of auto components comprising of automotive lighting and signalling equipments, rear view mirrors, plastic molded parts and sheet metal components for motorized vehicles, and LED luminaries for indoor and outdoor applications and integraled passenger information systems with LED Display etc.
Meanwhile, the company reported a 57 per cent quarter-on-quarter (QoQ) decline in its consolidated net profit at Rs 11.32 crore for the quarter ended June 2021 (Q1FY22). The company had posted profit of Rs 26.58 crore in the March 2021 (Q4FY21) quarter and consolidated loss of Rs 23.82 crore in the year-ago quarter (Q1FY21).
The company’s consolidated net sales during the quarter under review declined by 34 per cent QoQ to Rs 272.25 from Rs 414.97 crore in the previous quarter. During the quarter, the company's operations were adversely impacted by the outbreak of the Covid-19 pandemic and consequent regional lockdowns announced by the various state governments, Fiem Industries said in a statement.
At 09:48 am, the stock was traded 14 per cent higher at Rs 905 on the BSE, as compared to a 0.01 per cent decline in the S&P BSE Sensex. A combined around 350,000 equity shares had changed hands on the counter on the NSE and BSE.
Dear Reader,
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.
Digital Editor
RECOMMENDED FOR YOU