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Business News/ Markets / Stock Markets/  Sushil Kedia-led Kedianomics bullish on Tesla share price as company eyes India expansion
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Sushil Kedia-led Kedianomics bullish on Tesla share price as company eyes India expansion

Tesla share price: Sushil Kedia, the founder of Kedianomics, expresses bullishness on Tesla shares, believing that the stock could potentially double or even more going ahead.

Tesla share price has jumped nearly 6 per cent this week so far on NASDAQ ahead of CEO Elon Musk's meeting with Prime Minister Narendra Modi. (Agencies)Premium
Tesla share price has jumped nearly 6 per cent this week so far on NASDAQ ahead of CEO Elon Musk's meeting with Prime Minister Narendra Modi. (Agencies)

Amid reports of Tesla looking to expand its operations in India, Sushil Kedia, the founder of Kedianomics, expresses bullishness on Tesla share price, believing that the stock could potentially double or even more than double investors' wealth, going ahead.

Also Read: ‘Looking forward to meeting with PM Modi’: Elon Musk confirms visit to India

Tesla share price has jumped nearly 6 per cent this week so far on NASDAQ ahead of CEO Elon Musk's meeting with Prime Minister Narendra Modi. 

Musk has confirmed that he will be visiting India and meeting PM Modi amid buzz that EV (electric vehicles) maker Tesla is finally scouting for land to set up a factory in the country.

Tesla share price closed 1.65 per cent higher at $174.60 in the previous session.

Despite the recent uptick in the stock price, Tesla share price has been performing poorly for quite some time now. On a monthly scale, Tesla shares are down 0.65 per cent in April so far, following a 13 per cent loss in March. In the current calendar year, the Tesla share price is down nearly 30 per cent, while over the past year, the stock has declined by nearly 7 per cent.

However, Kedia looks upbeat about the prospects of Tesla share price as the company is likely to enter India, the world's fastest-growing large economy.

The X (formerly Twitter) handle of Kedianomics wrote on April 11, "We wrote to clients is slated to double from the current $175 to $350 at least and who knows it keeps rocketing to $475! Is this a mere coincidence @elonmusk is meeting @narendramodi Ji & Tesla will get access to the world's fastest-growing large economy as market, i.e. #Bharat?".

As per media reports, Musk has expressed his keen interest in bringing electric vehicles to India, emphasizing that it is a natural step for the country to embrace this sustainable mode of transportation.

Also Read: When are Tesla cars coming to India? Elon Musk answers the million dollar question

Tesla is on the lookout for a local partner to establish its operations in India, according to a report by The Hindu Businessline on April 9. According to sources within the electric vehicle major, the company is in talks with Reliance Industries to form a joint venture to set up a manufacturing facility in the country.

Also Read: Elon Musk's Tesla in talks with Reliance to set up Indian operations; company on scout for EV plant sites: Report

Read all market-related news here

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Published: 12 Apr 2024, 09:37 AM IST
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