This story was first published on the Benzinga India portal.
Amidst Tesla Inc’s TSLA rumored entry in India, shares of a small renewable energy Indian company have surged up over 40% in the past two sessions.
What Happened: Urja Global, listed on the Indian stock exchanges surged up over 40% after the company announced partnering with Tesla Power India Private Ltd last week.
The company entered into an agreement with Tesla Power India Private Limited for the purpose of manufacturing and supply of batteries under the TESLA POWER USA brand.
See Also: Sam Altman Important Man In AI But Not 'Last Word' On India's Aspirations: Rajeev Chandrasekhar
So did this small Indian 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 the 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. "Stock is in [the] upper circuit. Long live bull market."
Read Next: Hotstar's Powerplay: ICC Cricket Tournaments Go Free To Bat Against Subscriber Slide
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
