Fiem Industries, a producer of automotive lights and indicators, had its stock rise by 20% to a new high of 951.80 when the business announced that it had become the exclusive supplier of various vehicle parts to Ola Electric Mobility. According to an exchange filing, Fiem Industries has become Ola Electric Mobility’s exclusive supplier of Head Lamps, Tail Lamps, Indicators, Rear Fender Assembly, and Mirrors.
“Following the public introduction of Ola Electric Mobility Pvt. Ltd. Scooter S1 and S1 Pro yesterday, we are extremely pleased to announce that Fiem Industries Limited is an exclusive supplier to Ola Electric for Indicators, Rear Fender Assembly, Tail Lamps, Mirrors, and Head Lamps, ” Fiem Industries stated. The firm sees a lot of promise in the Indian 2-Wheeler Electric Vehicle category, and we’re hoping to gain more market share in the future “The company, which is located in Delhi, went on to say.
Fiem Industries manufactures and distributes automotive lighting and signaling equipment, rearview mirrors, plastic molded parts and sheet metal components for motorized vehicles, LED luminaires for indoor and outdoor applications, and integrated passenger information systems with LED Display other things.
Meanwhile, the company’s overall net profit fell by 57% quarter over quarter to Rs 11.32 million for June 2021. In the March 2021 quarter, the firm had a profit of Rs 26.58 crore, compared to a combined loss of Rs 23.82 crore the previous quarter.
During the quarter under review, the company’s consolidated net sales fell by 34% to Rs 272.25 crore, down from Rs 414.97 crore the previous quarter. The emergence of the Covid-19 pandemic and subsequent regional lockdowns declared by several state governments harmed the company’s business throughout the quarter, Fiem Industries stated in a statement.