4 days ago
Tata Technologies shares rise 2% after Volvo Cars picks firm as strategic engineering supplier
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Q4 snapshot
Shares of Tata Technologies climbed as much as 2% on Thursday to Rs 746.10 on the BSE after the company announced it had been selected as a strategic supplier by Swedish carmaker Volvo Cars, a move seen as deepening the engineering services firm's presence in the global automotive a press release dated June 19, Tata Technologies said the collaboration will span core areas including product engineering, vehicle system and component engineering, embedded software, and Product Lifecycle Management (PLM) company said the services will be delivered from key hubs in Sweden, India, Romania, and Poland. 'We are delighted by the trust that Volvo Cars has shown in our capabilities by providing newer opportunities to collaborate and scale our relationship,' said Warren Harris, CEO and MD of Tata Technologies. 'It demonstrates our commitment to delivering top-tier solutions in automotive software and digital engineering to customers worldwide.'Volvo Cars, known for its presence in automotive safety and sustainable mobility, is pushing forward on its electrification and software-defined vehicle ambitions. The partnership, Tata Technologies said, 'enhances Volvo Cars' global engineering capacity, tapping into Tata Technologies' deep domain expertise, scalable delivery models, and proven excellence in automotive transformation.' Tata Technologies shares remain down 6.3% over the past week and have lost about 2% in the last month. The stock has declined 28.5% over the past year, though it has risen 13.55% in the last three a technical standpoint, the stock is currently trading below six of its eight key simple moving averages, including the 5-day, 10-day, 20-day, 30-day, 150-day, and 200-day SMAs. It remains above its 50-day and 100-day Relative Strength Index (RSI) stands at 44.2, suggesting the stock is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 7.5, staying above its center line but below the signal Technologies posted a 20% year-on-year increase in consolidated net profit for the March quarter at Rs 189 crore, compared with Rs 157 crore in the same period last year. However, quarterly revenue declined 1.2% to Rs 1,286 crore from Rs 1,301 crore in the year-ago a sequential basis, the company reported a 12% rise in profit from Rs 169 crore in Q3FY25, even as topline dropped 2.4% from Rs 1,317 crore in the preceding quarter. Quarterly expenses were tightly managed, falling to Rs 1,088 crore from Rs 1,119 crore in Q3 and Rs 1,094 crore a year ago, helping support the bottom board also approved a final dividend of Rs 8.35 per share and a one-time special dividend of Rs 3.35, taking the total payout to Rs 11.70 per share for FY25.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
