Fiem Industries zooms 15% as board to consider bonus issue on Jan 15
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Shares of Fiem Industries hit a new high at Rs 2,441.80, as they zoomed 15 per cent on the BSE in Monday’s intra-day trade after the company said its board will meet on January 15 to consider bonus issue.
In an exchange filing, Fiem Industries said the meeting of the board of directors is scheduled on 15/01/2024, inter alia, to consider and approve /recommend issuance of bonus shares, subject to approval of the shareholders of the company. Fiem Industries is engaged in manufacturing of Automotive Lighting and Signaling Equipment, Rear View Mirror, Plastic Moulded Parts and other Auto Components. Company also manufactures LED Luminaries/ LED Products for general lighting applications and LED Integrated Passenger Information System for buses and railways etc.
The management expects the company continue to benefit from its diversified product and customer mix. For the Q2 of the current financial year, two-wheeler industry has registered production volume of 5.6 million units. The management expects a strong second half driven by the festive season and pick-up in rural demand. Meanwhile, Fiem Industries has entered into partnership and signed one MoU with Gogoro India to expand its product portfolio in the Electric-2W segment. Gogoro India is a group company of Gogoro Taiwan which is Taiwan’s leading Electric2W manufacturer and regarded as world leader in battery swapping technology. Gogoro will provide the technical know-how and other support in setting-up the manufacturing facility as well as production, quality, and testing support for the new product line. This partnership will open up a new electronics segment for Fiem, which can provide significant growth and new opportunities in EV segment, the company said in its FY23 annual report.
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