The company plans to launch EVs in 100-plus cities by FY24.
The shares surged nearly 44 percent in the three trading sessions from Thursday to Monday.
Urja Global Ltd shares opened in red on Tuesday after hitting 20% upper circuit at Rs 12.74 apiece on BSE on Monday. The solar energy solutions provider company is under radar due to a recent surge in its shares.
The stock has gained more than 60% in the last sessions since June 1 and it closed with gains in seven out of the last eight sessions until June 12.
On Monday, shares of Urja Global hit a 20% upper circuit after the company informed the stock exchanges last week that it entered into an agreement with Tesla Power India Private Ltd.
After Urja Global made this announcement on Thursday, June 8 investors started buying the stock in a spree. The shares surged nearly 44 percent in the three trading sessions from Thursday to Monday.
Shares of the small-cap renewable energy company saw a buying spree of its shares as some investors mistook Tesla Power India as Elon Musk’s Tesla Inc.
However Tesla Power India Private Ltd is a Gurugram-based company and it’s not linked to US billionaire Elon Musk’s Tesla Inc.
Urja Global signed has entered into a deal with Tesla Power India Private Ltd to manufacture and supply batteries. Tesla Power has global operations with offices in Uninted States.
As per the agreement, Urja Global will be the manufacturer and supplier of batteries in India. Urja Global Ltd will offer electric vehicle (EV) battery services through Tesla Service centres.
Urja Global stock has gained significantly by surging more than 50% in the last one-month period. In the last three years the stock has surged more than 230%.
Urja Global Ltd is engaged in the construction and management of solar energy facilities. The business of the corporation has substantially grown in recent years.
Energy Global also specialises in lead-acid batteries and solar equipment.
Over the last five years, the company has seen a 30% (CAGR) growth in profits in addition to an increase in share values.
Shares of Urja Global were trading at Rs 12 apiece, down 5.51%, on BSE at 9:25 am on Tuesday.
