This stock rose 43% in 2 trading sessions in the name of Elon Musk’s agreement with Tesla

Urja Global – Tesla Power USA: The share of small cap company Urja Global has gained 43.50 per cent in the last two trading sessions and in both the trading sessions the stock has hit an upper circuit of 20 per cent. And the stock has gained momentum since two days because the company said in the regulatory filing that it has tied up with Tesla Power USA.

As soon as the news came in the market, investors rushed to buy shares of Urja Global thinking that Tesla Power USA is Elon Musk’s electric vehicle Tesla. But you will be surprised to know that Tesla Power USA has nothing to do with Elon Musk’s Tesla. Tesla Power USA in Delaware, USA, manufactures batteries for four-wheeler cars. Apart from this, the company also manufactures two-wheeler batteries along with inverter batteries. The company’s distribution channels and retailers are present in India. Recently the company has also given a big advertisement in the newspapers.

On the rise in the shares of Urja Global in the name of Elon Musk’s Tesla, veteran investor Vijay Kedia tweeted, ‘I am thrilled to read a news of a tie-up with Tesla USA of a listed Indian company. I did some homework and found that it is not Elon Musk’s Tesla, but it is actually a Delhi based promoter’s subsidiary company in USA by the name of Tesla. This stock is in upper circuit. Vijay Kedia further wrote, Long live the bull market.

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 the bull market.

— Vijay Kedia (@VijayKedia1) June 12, 2023

Urja Global informed in a regulatory filing to the stock exchanges on June 8, We are pleased to inform that effective June 7, 2023, Urja Global will enter into an agreement with Tesla Power India Pvt. Ltd. to manufacture and sell batteries under the brand name Tesla Power USA. Contracted for supply. After this news came to the fore, due to heavy buying by investors, the stock has hit an upper circuit of 20 per cent on Friday and 20 per cent on Monday as well. The stock has closed at Rs 12.70 with a gain of 19.81 per cent.

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