Servotech Power Systems Shares Surge Following BPCL EV Charger Order

Servotech Power Systems Shares Surge Following BPCL EV Charger Order

VoM News Desk | November 23, 2023 | 02:37 PM IST | Breaking News | Follow on Google News

Servotech Power Systems Shares Surge Following BPCL EV Charger Order

Servotech Power Systems Shares Surge Following BPCL EV Charger Order

Servotech Power Systems witnessed a significant 5% rise in its share price to ₹79.10 in early Thursday trading. This surge is attributed to the company’s recent announcement of receiving a substantial order for EV chargers.

Major EV Charger Order from BPCL

In a recent exchange filing, Servotech Power Systems revealed that it had secured an order for 2,649 AC EV chargers from Bharat Petroleum Corporation Limited (BPCL). This project is part of BPCL’s E-Drive initiative, aiming to install EV chargers at petrol pumps across major Indian cities. The company is tasked with manufacturing, supplying, and installing these chargers, with the production process already underway.

Commencement and Completion of Charger Supply

Servotech plans to begin supplying the chargers from December 15th, with the entire process expected to be completed within three months. The range of chargers for this project includes 3 kW and 7 kW units.

Previous Collaborations and Future Goals

The collaboration between Servotech Power Systems and BPCL isn’t new; they have previously worked together on the E-Mobility front, installing 800 units of 30 KW DC fast EV chargers. Sarika Bhatia, Director of Servotech Power Systems, emphasized the company’s commitment to leading India’s E-Mobility revolution and their partnership with BPCL. The installation of these chargers is seen as a step towards reducing the transportation sector’s carbon footprint and enhancing EV charging convenience.

Remarkable Growth in Share Value

Servotech Power Systems, a small-cap stock with a market capitalization of ₹1,658 crore, has experienced an impressive 2,589% growth in its share value since two years ago. An investment of ₹1 lakh in the shares at that time would now be worth around ₹27 lakh. The company has consistently delivered multi-bagger returns since CY20.

Stock Performance and Split

The company’s stock performance has been robust, with a notable increase of 390% in the current year alone. It has also reached a new all-time high of ₹100 per share on June 21. Servotech’s shares have been trading on an ex-split basis with a 1:2 ratio since July 28, 2023.

Current Trading Status

As of 11:00 AM, Servotech Power Systems’ stock was trading at a gain of 3.51% at ₹78 per share.

VoM News Desk

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