Shares of Urja Global have surged up over 40% in the past two sessions after the company announced partnering with Tesla Power India Private Limited last week.
What Happened: The company made the announcement on June 8, after market close, the next day shares of the company shot up 20% to hit upper circuit at ₹10.60. Today (June 12) shares of the company continued the surge and hit the upper circuit again at ₹12.70.
The company entered into an agreement with Tesla Power India Private Limited for the purpose of manufacturing and supplying batteries under the TESLA POWER USA brand.
Must Read: How To Buy Tesla Shares In India
So did the renewable energy company really crack a deal with Elon Musk‘s Tesla? No, it is actually a Delaware-based company called Tesla Power, that is in the business of making batteries. The company boasts of a “very strong presence in India through its distribution channel partners and retail.” The company’s managing director Kavinder Khurana is based in India.
Taking notice of the whole scenario, ace investor Vijay Kedia took to Twitter to share his views. “I am thrilled to read a news about a listed Indian company "tied up" with Tesla usa. I did some homework and found It’s not Elon musk’s tesla, it actually belongs to a Delhi-based promoter’s usa subsidiary in the name of Tesla,” Kedia wrote in a tweet.
Price Action: Urja Global shares shot up 20% to hit upper circuit at ₹12.70 on Monday.
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