Share price of this Tata Group stock moved up by nearly 7.31 percent to Rs. 1,126.8 in the morning trading session of Tuesday, compared to its previous close of Rs. 1,049.95 on BSE, after the company announced entering into a Joint Venture (JV) Agreement with a renowned German luxury car manufacturer.
With a market capitalisation of Rs. 45,516 crores, at 10:32 a.m. the shares of Tata Technologies Limited were trading in the green at Rs. 1,120.95, up by 6.78 percent.
According to recent regulatory filings with the stock exchanges, BMW Holding B.V., Netherlands and Tata Technologies Limited have signed a Joint Venture Agreement with the goal of establishing automotive software and IT development hub in Pune, Bengaluru and Chennai.
This will support BMW Group in engineering premium products, providing great digital experiences for its customers, and advancing its digital transformation process.
The new Joint Venture will deliver automotive software, such as software-defined vehicle (SDV) solutions for BMW Group’s premium vehicles and digital transformation solutions for its business IT.
The JV will become part of BMW Group’s global network of software and IT hubs and will begin operations with 100 skilled innovators and plan to grow quickly to a four-digit number in the coming years.
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services.
In terms of financials, the company’s revenue from operations grew by nearly 14.6 percent YoY from Rs. 1,124 crore in Q3 FY22-23 to Rs. 1,289 crore in Q3 FY23-24, accompanied by an increase in net profit of 14.8 percent YoY, from Rs. 148 crore in Q3 FY22-23 to Rs. 170 crore in Q3 FY23-24.
In the last six months, the company has delivered negative returns of about 15.01 percent and so far in 2024, has given negative returns of around 5.7 percent.
Tata Technologies Limited is a global product engineering and digital services company offering product development and digital solutions.
Incorporated in 1994, Tata Technologies is a subsidiary of Tata Motors Limited (the Promoter of Tata Technologies).
Written by Shivani Singh
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