What led to the sudden rise was a buzz in the market that Tesla was planning to sign an MoU and partner with Tata Motors to manufacture and sell their vehicles in India using Tata facilities.
The rumours also said Tesla had already conducted a due diligence and found Tata has the best EV infra among all auto majors. There has been no official communication on this and hence, the rumour could not be confirmed.
Shares of Tata Motors advanced 12.64 per cent to Rs 223.20 on NSE. On BSE, it rose 11.11 per cent to Rs 220.10. From its low in March, shares of the company have soared 250 per cent, more than tripling investor wealth.
The major thrust behind the euphoric rise in Tata Motors shares has been better than expected sales data for both domestic and JLR business. In December, the company recorded cumulative domestic sales of 53,430 units, up 21 per cent compared to the same period last year.
Tesla has been trying to enter India for a couple of years now. Union Minister for Road Transport and Highways Nitin Gadkari had last month confirmed that the company is set to commence its India operations in 2021.
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6 Comments on this Story
Suresh Kamath11 days ago
THIS is deserving for these efficient TATA Group and surely TESLA would benefit this tie up and be guaranteed of the Quality and efficiency of the Management to take quick decision and GREAT Day for all those who have been waiting for the TESLA EV in India and with TATA Group having a very Good set up across the Country for Service to their Vehicles or goods and would be in Good Safe hands of Experts of the Field. EV is the Next Revolution awaiting the Generation Next and with the Infrastructure Road Projects across the Country in their FINAL Mode of completion and connect to the MOST of the Tier 1 or 2 Cities such Tie up would give TATA Group the much needed ACCELERATION of GROWTH for the TATA Motors too
Lakshmana B11 days ago
Did RJ know this when he invested at 140 levels?
Dm Bhanap11 days ago
Tata motors have been at the forefront of auto companies for many years and have built a strong and solid foundation for the mass production of commercial and passenger vehicles including electric vehicles and auto batteries. Therefore, they can collaborate with a leading company like Tesla for a boom in EV production in Asia South Asia Middle East and Africa.