Shares of Tata Technologies Ltd are trading flat after touching a day’s high of Rs 746.80 on 19th June. This announcement follows the company’s disclosure in an exchange filing today that it has been selected as a strategic supplier by Swedish carmaker Volvo Cars.

Tata Technologies stated that its new partnership with Volvo Cars will focus on key areas, including product and vehicle system engineering, embedded software, and product lifecycle management. The company will deliver these services from its centres in India, Sweden, Romania, and Poland.

This marks Volvo Cars’ second major India-based partnership in recent weeks, following a similar engineering deal with HCLTech.

Earlier in 2024, Tata Technologies also announced a collaboration with BMW to develop automotive software and business IT solutions.

In the March quarter, the company reported a 3.3% decline in revenue (in constant currency), which was worse than the expected 3% fall. However, its EBITDA margin improved to 18.2%, up by 400 basis points year-over-year.

At 11:41 AM, the shares of Tata Technologies were trading 0.53% lower at Rs 728.10 on NSE.

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