Stock market today: Small-cap company Urja Global’s stock price hit upper-circuit after the company said it has signed a deal with Tesla Power USA.
Many investors thought this was Elon Musk’s electric vehicle (EV) maker Tesla and hurriedly bought the stock sending it up by 20%, at ₹12.70 per share.
Just that, the Tesla Power USA has nothing to do with the carmaker Tesla owned by Elon Musk. It is a company that makes four wheeler car batteries, inverter batteries and two wheeler batteries and is based on Delaware, USA. It is present in India through its distribution channels and retail, its website reads.
Reacting to Urja Global shares hitting upper circuit, ace investor Vijay Kedia tweeted, “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. Stock is in upper circuit. Long live bull market.”
See Vijay Kedia tweet below:
Urja Global’s disclosure sent the stock to hit upper circuit for the last two sessions.
Tesla Power Urja Global deal
Urja Global informed Indian stock market exchanges about the development citing, “We glad to inform that the Urja Global Limited (“UGL”) has entered into Agreement on 07th June, 2023 with Tesla Power India Private Limited for the purpose of Manufacturing and Supply of batteries under the