Fiem Industries has hit a record high of Rs 1,260, up 4% on the National Stock Exchange (NSE) in early morning trade after the company said it has signed technology License and assistance agreement with Japanese companies Aisan Industry Co and Toyota Tsusho Corporation for manufacturing 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 w.e.f. April 1, 2017,” Fiem Industries said in a release.
Under the pact, Canister will be manufactured by Fiem Industries with technical support from Aisan Industry for two-wheelers and three-wheelers in Indian market.
Toyota Tsusho Corporation, a Toyota group company, will provide support for procurement of materials and components for manufacturing Canister.
Fiem Industries a leading player in the automotive industry successfully raised Rs 120 crore through placement of equity shares to qualified institutional buyers in last month. The issued shares at a price of Rs 1,002 per equity share.
At 09:37 am, the stock up 3.4% at Rs 1,253 on the NSE. A combined 4,964 shares changed hands on the counter on the NSE and BSE so far.