Fiem Industries has announced that the company is a sole Supplier to Ola Electric for Head Lamps, Tail Lamps, Indicators, Rear Fender Assembly and Mirrors.
The announcement comes after Ola Electric Mobility Pvt. Ltd. (Ola Electric) publicly launched Scooter $1 and $1 Pro’s.
In its regulatory filing, Fiem said that "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."
Fiem said that it sees a huge potential in the Indian 2-Wheeler Electric Vehicle (EV) segment and going forward. Adding, the company said, "we are hopeful to capturing greater market share in this segment."
At around 1.42 pm, Fiem was trading at Rs939.95 per piece skyrocketing by 18.5% on Sensex.
The stock has hit its 20% upper circuit of Rs951.80 per piece that was also the company’s new 52-week high.