Tata Technologies shares snap five-session fall, climb nearly 9% today; here's why

Shares of Tata Technologies Ltd snapped a five-session losing streak and surged in Thursday's trade after the company announced an expansion of its strategic partnership with US-based Tenneco LLC. A sharp rebound in IT stocks also supported the rally.

The stock climbed 8.72 per cent to hit a day high of Rs 728.90.

In an exchange filing, the company said, "Tata Technologies and Tenneco, one of the world's leading designers, manufacturers, and distributors of advanced mobility products for original equipment (OE) and aftermarket customers, marked a significant milestone in their global partnership, reinforcing their shared commitment to scaling future-ready capabilities from India," the company stated in a release.

"The collaboration also reflects a long-term strategic commitment, with Tenneco expected to make an investment of over $100 million in this engagement over the next five years," Tata Tech added.

Jon Bagrosky, Chief Administrative Officer for Tenneco, said, "This next phase builds on the strong foundation we've established with Tata Technologies and reflects the continued importance of India as a strategic growth region for Tenneco. By expanding this partnership, we are strengthening the capabilities, scale and agility needed to support our customers, respond to evolving market needs and deliver long-term value across our global business."

Warren Harris, CEO & Managing Director, Tata Technologies, said, "Tenneco has been a valued strategic partner, and this expanded engagement reflects the strength of our shared commitment. As Tenneco accelerates its mobility transformation journey, we are proud to bring together deep domain expertise, digital capabilities, and business transformation experience to support Tenneco's global growth agenda."

Tata Tech said the collaboration, established in 2021, has continued to expand in line with Tenneco's engineering and business transformation priorities.

Apart from the company-specific development, the broader IT pack witnessed a strong recovery on Thursday, with the Nifty IT index rising more than 4 per cent.