In an exchange filing released after market hours on Wednesday, Tata Technologies said the expanded collaboration will support Tenneco’s engineering and business transformation initiatives, with the global mobility company expected to invest more than $100 million in the engagement over the next five years.
The company said the engagement will leverage India’s engineering talent to accelerate innovation and help Tenneco respond more quickly to evolving global market requirements. The agreement was formally commemorated at Bombay House, the Tata Group’s headquarters in Mumbai.
Commenting on the expanded collaboration, Jon Bagrosky, Chief Administrative Officer at Tenneco, said the next phase of the partnership “reflects the continued importance of India as a strategic growth region for Tenneco” and will strengthen the company’s capabilities and agility to serve customers globally.
Warren Harris, Chief Executive Officer and Managing Director of Tata Technologies, said the expanded engagement reflects the strength of the companies’ long-standing partnership and that Tata Technologies will bring together its engineering, digital and business transformation capabilities to support Tenneco’s global growth agenda.
The partnership, which began in 2021, is anchored by Tata Technologies’ Global Engineering Centre in Pune and combines engineering expertise, digital technologies and AI-enabled capabilities to accelerate product development and improve operational performance across Tenneco’s global operations.
IT stocks rebound after Wednesday’s selloff
Tata Technologies’ gains also came amid a broader recovery in tech stocks, with the Nifty IT index gaining nearly 4.5%, emerging as the top sectoral gainer on Thursday after witnessing sharp selling in the previous session.
The rebound was supported by a rally in global enterprise software stocks after Palantir Technologies CEO Alex Karp criticised the prevailing AI pricing model, saying many enterprises are “paying for tokens that create no value” while sharing proprietary intellectual property and business intelligence with frontier AI companies such as OpenAI and Anthropic.
Back home, the recovery lifted several IT names, including Infosys, HCLTech and Coforge, while Tata Technologies outperformed with gains of more than 7%.
Shares of Tata Technologies climbed to an intraday high of ₹720.85 and were trading 6.8% higher at ₹715.95 on Thursday. The stock has gained 11% so far this year. The stock was on a five-day losing streak, with selling exaggerated earlier this week due to a warning issued by fellow ER&D peer KPIT Tech about revenue declining in Q1 due to issues at its key automotive client.
Read more: Nifty IT delivers worst first half of a calendar year since 2001; Analysts warn of further downside
