Shares of the automotive light and indicator maker, Fiem Industries, rose as much as 20 per cent to hit record high of Rs 951.80 after the company informed exchanges that it became sole supplier for some auto parts to Ola Electric Mobility. Fiem Industries became the sole supplier of Head Lamps, Tail Lamps, Indicators, Rear Fender Assembly and Mirrors to Ola Electric Mobility, the company said in an exchange filing.
“After Ola Electric Mobility Pvt. Ltd. (Ola Electric) Scooter $1 and $1 Pro’s public launch yesterday, with a view to disseminate information to all investors and exchange, we are extremely happy to inform that Fiem Industries Limited is a sole Supplier to Ola Electric for Head Lamps, Tail Lamps, Indicators, Rear Fender Assembly and Mirrors,” Fiem Industries 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,” the Delhi-based company added.
Fiem Industries shares have so far this year surged 68 per cent compared to 16.5 per cent gain in the Sensex.
As of 11:40 am, Fiem Industries shares traded 15 per cent higher at Rs 914, outperforming the Sensex which was trading on a flat note.