Panasonic Brand, Japan’s biggest consumer electronics group had its Shares; sky rocketed by 19 per cent on Wednesday as hopes improve for its reorganization move.

According to reports the shares were the best performing stock on Tokyo’s Nikkei index.

Panasonic however, is diversifying from making smart phones and plasma panels to industrial products, particularly in the car industry. For instance, Tesla’s electric cars are to be fitted with Panasonic batteries.  The deal which gives Panasonic the right to supply about two billion battery cells to Tesla, the US electric car maker was sealed in October.

On Tuesday Panasonic said third quarter operating profits more than tripled to 116.6bn yen (£705m; $1.15bn).

Operating profits at the group’s automotive and industrial unit, which is the company’s biggest, was 28.2bn yen in the September to December period. Last year it made a loss of 800m yen over the same months.

President Kazuhiro Tsuga says he wants to double revenues at Panasonic to 2 trillion yen by March 2019.