Tata Elxsi rises 20%
The stock rose 20 per cent to Rs 203.60 after the company announced that it has set up a visual effects studio at Santa Monica in the United States of America with an investment of about $5 million (around Rs 23 crore). The studio is the company’s first set-up in the US. It has centres in Tokyo and the UK for the purpose of embedded product and industrial design.
The company’s revenue from its global operations is expected to touch $300-$400 million in the next three years. The company reportedly aims to expand its presence in the US, in line with its global growth strategy, which includes opening more studios in high-growth markets.