Tata Tech zooms ahead in BMW

Tata Technologies, which is a subsidiary of Tata Motors, announced that it has formed a JV with BMW Holding BV, Netherlands  for the development of software for the German luxury automaker

Tata Technologies said it would initially incorporate the company as a wholly owned subsidiary. Once all the approvals come in, BMW shall invest in the said incorporated company to hold 50% of the post investment equity share capital in that entity.

The JV will develop automotive software for automated driving and the dashboard system among other features. No financial details were divulged.

On the back of over 2.5x surge in volumes, the stock is doing well, opening 1% higher at Rs.1060 and rising further to an intraday high at Rs.1126.75, up almost 7.5%. Its 52-week high stands at Rs.1400.