Urja Global Shares Soar Following Deal with Tesla Power USA

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Urja Global Shares
 

The recent surge in Urja Global shares is linked to a partnership with Tesla Power USA. However, investors may be surprised to learn that the deal does not involve the prominent electric vehicle manufacturer led by Elon Musk. Instead, the collaboration is with a lesser-known battery producer.

Misconceptions Surrounding the Partnership

When news broke of Urja Global's collaboration with Tesla Power USA, the Indian small-cap company's stock price skyrocketed, hitting upper circuit limits. Enthusiastic investors, believing the deal involved Elon Musk's Tesla, quickly purchased shares, sending the price up by 20% to ₹12.70 per share.

However, Tesla Power USA is not associated with Elon Musk's renowned electric vehicle company. The Delaware-based firm produces batteries for cars, inverters, and two-wheelers and has a presence in India through distribution channels and retail. Despite the confusion, Urja Global shares continued to hit upper-circuit limits, with investors still excited about the partnership.

Vijay Kedia's Reaction to Urja Global Shares

Prominent investor Vijay Kedia took to Twitter to express his amusement at the confusion surrounding Urja Global's partnership with Tesla Power USA. After conducting some research, Kedia discovered that the battery company was not affiliated with Elon Musk's Tesla. Nonetheless, he acknowledged the bull market's strength as the stock continued to perform well.

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.

-- Vijay Kedia (@VijayKedia1) June 12, 2023

 

Urja Global shares

Details of the Urja Global and Tesla Power USA Deal

Urja Global disclosed the partnership's details to Indian stock market exchanges, stating that the company had signed an agreement with Tesla Power India Private Limited. The deal's purpose is to manufacture and supply batteries under the Tesla Power USA brand.

According to the agreement, Urja Global will be the manufacturer and supplier partner for Tesla Power USA batteries in India. Furthermore, the Indian company will use Tesla Service Centers for promoting EV battery service requirements for their E-2 Wheeler batteries.

Urja Global Share Performance

Urja Global shares have experienced a significant boost following the partnership announcement, hitting the 20% upper circuit for two consecutive trading sessions. Over the past week, the small-cap stock has delivered approximately 55% return to shareholders, and its one-month performance has seen a 60% return, with share prices rising from ₹7.80 to ₹12.70.

However, it is worth noting that Urja Global's one-year performance is not as impressive, with the stock providing a near-zero return to shareholders due to a 0.50% decline in value.

Conclusion

The excitement surrounding Urja Global shares and their deal with Tesla Power USA highlights the importance of understanding the companies in which you invest. While the partnership does not involve Elon Musk's Tesla, the battery manufacturing collaboration may still offer growth potential for Urja Global. Despite the initial confusion, the stock has performed well in the short term, yet only time will tell if this partnership will yield long-term benefits for shareholders.

 


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