Elon Musk’s company Tesla is famous all over the world and it is considered a great achievement for any company whose name is associated with Tesla. However, sometimes it is exaggerated. A company named Urja Global (Urja Global) got the contract from Tesla Power India (Tesla Power India), the shares of this small cap company jumped 20 percent today. The price of this penny stock rose to 12.75. In fact, many traders believed that Energy Global had won Elon Musk’s Tesla contract. However, noted investor Vijay Kedia clarified on Twitter that Tesla Power India and Elon Musk’s Tesla are two different companies.
Kedia said, ‘I am happy to read the news that a listed company in India has entered into an agreement with Tesla USA. I did some homework on this and found out that this company is not Elon Musk’s Tesla. In fact, it is a US A subsidiary of the promoter based in Delhi. Whose name comes with the word Tesla. This stock is now on upper circuit. Long live the bull market.”
Tesla Global has entered into an agreement with Tesla Power India to manufacture and supply batteries under the Tesla Power USA brand. This company will be the battery manufacturer and supply partner in India. In addition, the company will use Tesla service centers to promote EV battery service for electric two-wheeler batteries.
Urja Global operates in the renewable energy sector in India. The company is involved in Design, Consultancy, Integration, Supply, Installation, Commissioning, Maintenance of Lead Acid Battery for Solar Power Plants. In addition, the company is also involved in solar products that utilize green and clean energy, including solar home lighting systems and solar lanterns.
Markets regulator SEBI had earlier issued a show cause notice to Urja Global and asked it to obtain a certificate of authenticity from the practicing company secretary before making any corporate announcement. Urja Global has a market capitalization of Rs 699 crore and on a year-to-date basis (Jan 2023 to date), the stock has gained 25 per cent. The stock closed at Rs 12.70 on the NSE, up 20 per cent. The stock hit a 52-week high of Rs. 14.85 and Rs. 52 week low of . There are 6.