Small-cap Urja Global’s stock rose, after signing a deal with Tesla Power USA, a company that investors believed was Tesla, led by Elon Musk. However, it is not affiliated with Tesla and has established a presence in India via its distribution channels and retail outlets.
Urja Global, a small-cap company, experienced a surge in its stock price as it hit the upper-circuit. The company recently announced that it has entered into an agreement with Tesla Power USA, which has caused a stir in the market.
In a recent surge of activity on the stock market, investors were quick to purchase shares of an electric vehicle (EV) company they believed to be Tesla, led by entrepreneur Elon Musk. This resulted in a 20% increase in the stock’s value, with each share priced at ₹12.70.
Contrary to popular belief, the Tesla Power USA is not affiliated with the automobile manufacturer Tesla, which is owned by entrepreneur Elon Musk. Delaware-based company specializes in the production of car batteries for four-wheelers, inverter batteries, and two-wheeler batteries. According to the company’s website, it has established a presence in India via its distribution channels and retail outlets.
Ace investor Vijay Kedia expressed his excitement on Twitter as Urja Global shares hit the upper circuit. Kedia stated that he was thrilled to read the news about a listed Indian company that had tied up with Tesla USA. According to my research, the Tesla vehicle in question does not actually belong to Elon Musk, but rather to a Delhi-based promoter’s USA subsidiary operating under the name of Tesla. The stock has hit the upper circuit, indicating a surge in demand and a bullish trend in the market. The user exclaimed, “Long live bull market!”
Urja Global’s recent disclosure has caused the company’s stock to hit the upper circuit for the past two trading sessions.
Urja Global has announced a significant development to the Indian stock market exchanges. The company has entered into an agreement with Tesla Power India Private Limited on June 7, 2023, for the purpose of manufacturing and supplying batteries under the TESLA POWER USA brand. In a statement to the exchanges, Urja Global expressed its delight in sharing this news.
Urja Global has recently entered into an agreement with Tesla Power USA, with the aim of manufacturing and supplying a range of batteries under the TESLA POWER USA brand. According to Urja Global, the agreement has been established to serve the purpose of manufacturing and supplying various types of batteries. Urja Global Limited has been announced as the official manufacturer and supplier partner of batteries in India.
Urja Global Limited has announced that they will be using the “Tesla Service centers” to promote their EV Battery Service requirements for E-2 Wheeler Batteries.
Urja Global shares have been on a remarkable upward trajectory, hitting the 20 per cent upper circuit for two consecutive sessions. This has resulted in a significant increase of around 55 per cent in the small-cap stock’s value over the past week. Additionally, over the last month, the penny stock has seen a remarkable ascent from ₹7.80 to ₹12.70 per share, delivering a staggering 60 per cent return to its shareholders during this period.
Over the past year, shareholders of the small-cap stock have seen no returns as it has experienced a decline of nearly 0.50 percent.
