02-04-2024 03:16 PM | Source: Accord Fintech
Tata Technologies jumps on executing JV agreement with BMW Group

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Tata Technologies is currently trading at Rs. 1088.00, up by 38.05 points or 3.62% from its previous closing of Rs. 1049.95 on the BSE.

The scrip opened at Rs. 1060.00 and has touched a high and low of Rs. 1126.80 and Rs. 1047.10 respectively. So far 484956 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 1400.00 on 30-Nov-2023 and a 52 week low of Rs. 1020.00 on 26-Mar-2024.

Last one week high and low of the scrip stood at Rs. 1126.80 and Rs. 1020.05 respectively. The current market cap of the company is Rs. 44582.97 crore.

The promoters holding in the company stood at 55.39%, while Institutions and Non-Institutions held 4.52% and 40.08% respectively.

Tata Technologies has executed a Joint Venture (JV) Agreement with BMW Group to establish an automotive software and IT development hub in Pune, Bengaluru and Chennai, India. The execution of the JV agreement is subject to review and approval by the relevant authorities. The main development and operations activities shall be established at Bengaluru and Pune. In Chennai, the focus shall be on business IT solutions. 

Embodying the ethos of ‘engineer in India for the world’, the JV will leverage Tata Technologies' digital engineering expertise and talent pool in India to contribute to the BMW Group’s strategic expansion of software coding capabilities across global IT hubs and 24/7 operations. The JV will focus on strategic software development, including solutions for software-defined vehicles (SDV). In automotive software, the focus will be on automated driving, infotainment, and digital services. In business IT, the emphasis will be on digitalization and automation of product development, production and sales. From the inception of this JV, 100 trained and experienced Tata Technologies professionals will ensure robust and immediate contributions to software projects. The JV is likely to grow quickly to a four-digit number in the following years.

Tata Technologies is a leading global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs).