Fiem Industries advanced as much as 4.52 per cent and hit their fresh 52-week high in morning trade on Friday after the company informed bourses that it has signed a ‘Technology License and Assistance Agreement’ (TAA) with Aisan Industry Co, Japan and Toyota Tsusho Corporation, Japan for manufacturing of ‘Canister’. Canister is an Emission Control System Product, which will have huge market in India due to implementation of stricter emission norms for two-wheelers and three wheelers, as it will become mandatory with effective from April 01, 2017.
At 12.03 pm, shares of the company were trading 1.45 per cent up at Rs 1220. The scrip opened the day at Rs 1234 and and had touched a high and low of Rs 1257 and Rs 1214, respectively, in trade so far. Benchmark BSE Sensex was trading 85.95 points down at 28,020.26.
Under the TAA, the Canister will be manufactured by Fiem Industries with the technical support of Aisan Industry Co., for two-wheelers and three-wheelers in Indian market.
In the past one year, shares of the company have risen 118.85 per cent to Rs 1202.60 till October 6, whereas BSE Sensex gained 4.36 per cent during the same period.
Fiem Industries is a manufacturers of automotive lighting and signaling equipments and rear view mirrors. The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs.