Friday, July 12, 2024
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HomeStocksServotech Power Systems expands manufacturing of EV charger

Servotech Power Systems expands manufacturing of EV charger

About the new manufacturing plant 

Servotech Power System Limited which manufactures LED lights and Solar power products today just after the market closer reported that strategic initiative to bolster their EV charger components. To achieve this goal, Servotech has secured a technical collaboration with a leading international company.

Servotech is constructing a cutting-edge manufacturing facility focused on the production of Power Modules, Control Circuits, and PLCs – essential elements at the core of EV chargers. This move marks a decisive shift away from reliance on imports and positions India as a key player in the global EV charger supply chain. The new plant will have an initial annual production capacity of 24,000 power modules and will ramp up its production capacity to 2.4 lakh power modules annually to cater for the rapidly growing Indian EV market which will require around 6 lakh units annually.

Know: Servotech Power wins order for 1,500 DC fast EV chargers

Stock Performance

In the last trading session, the stock of Servotech Power Systems closed at Rs 90.30. Today it opened at Rs 93.70 and closed at 85.80, down by 4.98%. The company’s 52-week high stands at Rs 108.70, while its 52-week low stands at Rs 16.48. Currently, the company boasts a market capitalisation of approximately Rs 1,825 crore. In the past year, the company’s shares have yielded a whooping multibagger return of 330.90%.

About the company

Servotech Power Systems develops tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. The company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. Other products of the company include high-end LED lighting and UV-C disinfection products, along with medical-grade oxygen concentrators and its makings.

Read: Solar Panel Makers vs Solar EPC Companies

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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