Urja Global Shares: Mistaken Tesla Identity Triggers Spike In Little-Known Indian Stock
Battery maker Urja has inked a pact with a Tesla different from Elon Musk-owned maker of electric cars.
Shares of Urja Global Ltd. hit a 20% upper circuit after it announced a partnership with Tesla Power India Pvt., a company not related to Elon Musk's Tesla Inc.
Urja Global has entered into an agreement with Tesla Power India to manufacture and supply batteries under Tesla Power USA brand, the company said in an exchange filing.
Tesla Power India is based out of Gurgaon (APAC office) with the global headquarters in Delaware, USA, according to the company's website. It has a presence in India through distribution channel partners and retail.
Market veteran Vijay Kedia also took to Twitter to point out the difference between the two Teslas.
Shares of Urja Global rose 19.81% to Rs 12.7 apiece compared to a 0.25% advance in the NSE Nifty 50 as of 1:34 p.m. The stock has gained as much as 43.5% in the last two sessions.
The average traded volume so far in the day stood at 2.6 times its monthly average. The relative strength index was at 88, implying that the stock may be overbought.
