Tata Technologies‘ share price was upbeat on Wednesday morning going up around 2% to hit an intraday high of ₹1,064.05.

What Happened: The stock is upbeat today as the Tata Group company announced the official launch of its joint venture the BMW Group on Tuesday evening. BMW TechWorks India will begin operations with 100 employees across major technology hubs in Pune, Bengaluru, and Chennai.

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It aims to rapidly expand, targeting a workforce in the thousands by the end of 2025, with a focus on recruiting top engineering talent in India. Both Tata Technologies and BMW Group will hold equal stakes in the joint venture.

The joint venture was first revealed in April 2024 and the subsidiary was incorporated in July 2024. The newly formed entity will specialise in providing software support and maintenance services to its clients, with a critical focus on the automotive software industry.

Price Action: Tata Tech’s share price was up 1.40% to trade at ₹1,058.60 shortly after market open on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.