Rare Tech Stock Winner in India Taps Niche Demand for EV Design

Strong demand for niche design services used in making electric vehicles has helped one Indian technology company’s stock surge by more than a third this year, even as inflation concerns have battered the sector globally.

Shares of Tata Elxsi Ltd. have jumped 37% in 2022, topping a gauge of Indian tech firms that has shed 28% with all but two stocks in the red. The company’s sales and profits have climbed on large deals for cloud-based platforms and artificial intelligence used to improve products and customer experience.