The announcement was made after market hours on Friday, 24 January 2014.

Meanwhile, the S&P BSE Sensex was down 322.87 points or 1.53% at 20,810.69.

On BSE, so far 6,172 shares were traded in the counter as against average daily volume of 34,237 shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.75% at the day's high of Rs 365.90 so far during the day, which is also its record high. The stock lost as much as 1.15% at the day's low of Rs 352 so far during the day. The stock had hit a 52-week low of Rs 179.05 on 4 September 2013.

The stock had outperformed the market over the past one month till 24 January 2014, advancing 2.62% compared with the Sensex's 0.48% rise. The scrip had also outperformed the market in past one quarter, galloping 75.77% as against Sensex's 1.97% rise.

The small-cap company has equity capital of Rs 11.96 crore. Face value per share is Rs 10.

Fiem Industries said that the company has signed a memorandum of understanding (MoU) with two Japanese companies namely, Honda Lock Mfg. Co., Japan and Toyota Tsusho Corporation, Japan for a joint venture (JV) proposal in India for manufacturing of key sets, door mirrors and outside handles. The Japanese companies are group companies of Japanese conglomerates Honda and Toyota, respectively.

Fiem Industries said that the Management considers it a major breakthrough in diversification of the product line as well as enhancing the presence of the company in four-wheel segment and being a new product line for the company, will add new dimensions to the growth of the company. The key sets will be for four-wheel as well as for two-wheel vehicles also, the company said.

Fiem Industries' net profit surged 45% to Rs 9.08 crore on 25% growth in net sales to Rs 178.48 crore in Q2 September 2013 over Q2 September 2012.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors. The company's major business comes from the two-wheeler segment. It has a wide range of lighting systems and rear view mirrors, sheet metals parts and plastic components for two and four-wheeler segment.