Tesla in talks with India’s Tata Power

Tesla Motors

Tesla in talks with India’s Tata Power

Tesla Motors (NASDAQ:TSLA) UP 4.72% AT 699.60

Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.

Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.

Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters

The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said.

In January, the U.S. electric-car maker incorporated Tesla Motors (NASDAQ: TSLA) India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.

On technical fronts Tesla Motors (NASDAQ: TSLA) RSI stood at 48.07 and currently stock is trading below 5 and 20 days MA and above 50 Moving Averages. So, SELL position can be taken with the following target and stoploss.

TRADE SIGNAL -: Tesla Motors (NASDAQ:TSLA) – SELL: 699.60, TARGET: 622.95, STOP LOSS: 774.34

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