It announced an order win from ‘Tesla Power India Private Limited’, which has no relation to Elon Musk’s iconic EV maker.
Urja Global (File pic)
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At the height of the dotcom bubble in the US, any company with ‘.com’ in its name invariably zoomed on Wall Street, with retail investors rushing to buy the shares just on seeing those three magical letters.
In scenes reminiscent of that era, a smallcap counter has been hitting the upper circuit limit ever since it announced an order win from ‘Tesla Power India Private Limited’, which has no relation to Elon Musk’s iconic EV maker.
In a post-market hours filing on June 8 (Thursday), Urja Global Ltd said it has 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.
“Further, Urja Global Limited will utilize the ‘Tesla Service centres’ for the promotion of their EV Battery Service requirements with respect to E-2 Wheeler Batteries,” the filing added. It did not provide any financial details.
However, the announcement had an electrifying effect on its shares.
The company’s stock, which was stuck in a range since January this year, vaulted 20 percent the next day (June 9) and once again on June 12 to reach Rs 12.74, taking its YTD returns to 25 percent.
Tesla Power USA LLC, headquartered in Delaware, US, describes itself as “a pioneer and leader in introducing affordable batteries with long life that has revolutionized the energy storage industry.”
“We have a very strong presence in India through our distribution channel partners and retail,” it says on its official website.
The company’s leadership team is led by Chairman John H Vratsinas and Managing Director Kavinder Khurana.
Delhi-based Urja Global Limited is engaged in the business of design, supply, installation and maintenance of off-grid and grid-connected solar power plants as well as trading of solar products and lead acid batteries.
For the quarter ended March 2023, it reported a revenue of Rs 10.14 crore and a net profit of just Rs 2 lakh, as per information on BSE.
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