<ul><li>Urja Global shares ran up 20% on Monday to ₹12.74 a share, on news that it received an order from Tesla. </li><li>However, the order was not from <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s Tesla, but a Delhi-based promoter's US subsidiary in the name of Tesla, tweeted ace investor Vijay Kedia. </li><li>Auditors have flagged off issues with the company, saying that ‘misstatements are material but not pervasive to the financial statements’. </li></ul>It’s always easy come, easy go with penny stocks where the run up is sharp but also short-lived. That was the case with Urja Global which rallied on Monday based on a case of mistaken identity. In addition, the electric scooter and battery maker has had issues that were flagged off by auditors <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/22195dfb-7c61-472c-877f-fc01a97aef41.pdf">as recently as May</a>. The company’s auditors Uttam Abuwala Ghosh &amp; Associates said in their report on the quarterly results that was shared with the exchanges that — the inability to obtain written representations from the management regarding various account balances, transactions, disclosures and certain assertions constituted a limitation on the scope of the audit. “The company was unable to provide sufficient proofs and explanations with respect to various investment(s) made by it in different mines and projects,” the auditor said. The auditors concluded that the misstatements are material but not pervasive to the financial statements. “The opinion is subject to the fact that we did not have any access to the documents and data of the company for the previous financial year due to the GST raid in July 2022, where the department seized all the data of the company as informed by the management to us,” the auditor said. The namesake &amp; the confusion On Monday, the stock of Urja Global shot up 20% after news came out that it received an order from Tesla to manufacture and supply batteries. But it was not from Elon Musk’s Tesla — but from a namesake – Tesla Power India Private Limited, under the Tesla Power USA brand, as per an announcement on NSE. Market veteran Vijay Kedia burst the myth on Twitter. “I am thrilled to read news about a listed Indian company “tied up” with Tesla USA. I did some homework and found it's not Elon Musk's Tesla, it actually belongs to a Delhi-based promoter's USA subsidiary in the name of Tesla. Stock is in the upper circuit. Long live bull market,” <a href="https://twitter.com/VijayKedia1/status/1668121187807907840">he tweeted</a>. In spite of the current run up in the stock, on a one year-basis, its returns are flat. By the end of March it hit a low of ₹6 per share before recovering to the current price.

Mistaken identity with Musk’s Tesla is not the only problem for this penny stock

<keyword id="45417" type="General" weightage="20" keywordseo="adani-power" source="Orion">Adani Power</keyword> has received Rs 3,000 crore dues with interest from the Congress-ruled <keyword id="6355588" type="General" weightage="80" keywordseo="rajasthan" source="Orion">Rajasthan</keyword>'s state-owned power distribution companies as compensation for higher fuel costs. Holding the three Rajasthan discoms guilty of contempt of its August 31, 2020 order, a <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> bench led by Justice Vineet Saran had on February 25 asked the top brass of the Rajasthan discom to be personally present before it for framing of charges if they failed to pay <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> Power its dues, as directed. The Supreme Court gave four weeks to the discoms to make a payment of Rs 3,048.63 crore to Adani Power, along with the interest. Sources said that in the last hearing on March 31, Adani Power had informed the apex court that Rajasthan discoms made a payment of Rs 3,000 crore to the company on March 30. The officials, who the court said would need to be personally present before it if the latest order is not complied with, are Rajasthan Urja Vikas Nigam Chairman Subodh Agarwal and its MD Bhaskar Atmaram Sawant, Jaipur Vidyut Vitran Nigam MD Navin Arora, Ajmer Vidyut Vitran Nigam MD V.S. Bhati and Jodhpur Vidyut Nigam MD Avinash Singhvi. Adani Power had signed an agreement with the Rajasthan discoms in March 2008 to set up a 1,200 MW coal-based power project near Kawai in Baran district at a cost of Rs 6,000 crore. As per the agreement, the state had to facilitate the supply of coal either from the Central government or other sources. Since it failed to do so, the company procured imported coal to supply power. The company claimed higher costs from the Rajasthan Electricity Regulatory Commission (RERC). The RERC in 2018 ordered in favour of Adani Power and directed payment of compensation by the discoms. The discoms moved the Appellate Tribunal for Electricity (Aptel), which upheld the Commission's order. The matter moved to the Supreme Court as the discoms argued that Adani Power was responsible for the fuel arrangement. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-tcs-indusind-bank-among-top-stocks-to-watch-out-for-on-april-5/slidelist/90654292.cms">Zomato, TCS, IndusInd Bank among top stocks to watch out for on April 5</a> <a href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-ruchi-soya-fpo-allotment/articleshow/90650772.cms">Ruchi Soya FPO: Here’s how you can check the allotment status</a>

Adani Power receives ₹3,000 crore dues from Rajasthan government

<img class="gwt-Image" src="/photo/47781788.cms" />Mushrooming startups in India have taken the competition one level up as entrepreneurs are looking for aggressive and innovative ways to make their company stand out from the crowd. 
 
In a country where two startups are founded every day on an average, it is important to ponder over the fact that why would someone invest in your venture. 
 
So how does one stand out? 
 
The idea is to start from the very beginning when you pick the industry you want to enter, advise successful entrepreneurs. Take on-demand tea provider Chai Point, started in 2010, which now sells 1.25 lakh cups of chai every day across four cities. 
 
"We had come to something that is very close to the heart of all Indian consumers, given it a contemporary sheen and credibility," Amuleek Bijral, a Harvard Business School graduate who cofounded the company told Economic Times. When Chai Point started, online tea retail was an untested concept in India. 
 
Chai Point is currently partnering with other companies to create more products, including breakfast items and packaged teas. 
 
ET reported that investors cite a few basics to consider ahead of every investment opportunity - whether the market is large enough, the business model is sustainable, the technological platform is robust, the team has that all-elusive X factor, and importantly, whether the startup stands out from its league. 
 
Now, once a startup has its territory marked out, the most important factor is to build a great product. "It's not enough for it to work or be functionally complete. Does it delight in an experiential way? Do you have an extraordinary product that people love to interact with?" Shekhar Kirani, partner at Accel India, told ET. 
 
The next step in differentiation is to ensure that your product or service reaches customers seamlessly. As Talwar of Lightbox says, "Scale is 
critical in India, and equally crucial is scaling at the right moment." The common bottom line weaving through all the elements is the 
differentiation a customer perceives. 
 
"The power to decide who is going to win in India has shifted from large companies to consumers. They have much higher expectations now than they ever had," Sid Talwar, partner at Lightbox Ventures, told the financial daily. 
 
Lightbox Ventures has invested in one-of-a-kind companies such as InMobi, MapmyIndia, education tech startup Embibe and renewable energy company Kotak Urja. 
 
The online world has changed the paradigm of distribution, which now varies differently across industries. 
 
"The only way to start a brand today is to look at it in a holistic, omnichannel way, rather than the binary approach of online versus offline," said Bijral of Chai Point, whose consumer and corporate on-demand delivery services are growing at double digits every month. Chai Point provides a flask of hot tea on call, which can be booked online. 
 
The last leg is to bring loyalty in a differentiated way than being perceived as a pushy sale. Nothing sells more than a good validation or a referral by a customer to his or her own peer network. 
To do this, "you have to build stickiness into the product so that customers can be re-engaged," said Gaurav Dahake, founder and CEO of price comparison site BuyHatke told ET. 
 
The three-year-old company came into prominence last year during Xiaomi's first phone sales in India, when its embedded browser extension helped customers order Xiaomi phones automatically whenever stock was available. 
 
(Image: Thinkstock)

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Mistaken identity with Musk’s Tesla is not the only problem for this penny stock

Katya Naidu

Adani Power receives ₹3,000 crore dues from Rajasthan government

IANS

Here’s how you can make your startup stand out from the crowd

BI India Bureau