Amidst Tesla Inc’s (NASDAQ: 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.
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.”
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Edited by Arnab Nandy
