Fiem Industries stock rises 4% on JV with Aisan Industry, Toyota Tsusho
Shares of Fiem Industries rose 4% after the company has signed a MoU with Aisan Industry Co., Japan and Toyota Tsusho Corporation, Japan for establishing a joint venture company in India to manufacture Fuel Pump Module and IC connector Assembly for two-wheelers and three-wheelers.
Fuel Pump Module will become mandatory for two-wheelers and three-wheelers w.e.f. April 2020 under Bharat Stage VI (BS VI) regime.
This is an advanced Emission Control System Product, which will have a huge market in India under BS VI norms, the company said in the filing.
Fiem Industries Ltd is currently trading at Rs934.9, up by Rs41.1 or 4.6% from its previous closing of Rs893.8 on the BSE.
The scrip opened at Rs911.1 and has touched a high and low of Rs949.8 and Rs900.1 respectively.
Fiem Industries is one of the leading manufacturers of automotive lighting, signaling equipmentsÂ and rear-view mirrors in India. Its revenue mix consists of the automotive segment (94%) and LED luminaires segment (6%) in FY17.Â