Monday, April 22, 2024
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HomeStocksServotech Power wins order for 1,500 DC fast EV chargers

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

About the Order

Servotech Power System Limited which manufactures LED lights and Solar power products today reported that it has bagged a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. The order is valued at Rs 102 crores and involves two charger variants of 60 kW and 120 kW. 

The order secured by HPCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at HPCL’s retail outlets. Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step in making EVs more consumer-friendly by creating a robust and well-connected EV charging infrastructure. It will also promote decarbonized mobility and cater to the evolving needs of the sustainable automotive industry.

Stock Performance

In the last trading session, the Servotech Power System stock closed at Rs 93.15. Today it opened at Rs 93.95 and closed at 97.40, up by 4.56%. 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 2050 crore. In the past year, the company’s shares have yielded a whooping multibagger return of 396.18%.

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. Company comprehensive engineering capabilities, play a pivotal role in developing India’s EV tech infrastructure. Other products of the company include high-end LED lighting and UV-C disinfection products, along with medical-grade oxygen concentrators and its makings.

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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