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Servotech Power System Stocks Reach New High in Stock Market

Servotech Power System Surges as EV Charging Gains Momentum

Editor Ritam English by Editor Ritam English
Feb 5, 2024, 03:13 pm IST
Servotech Power System Stocks Reach New High in Stock Market

Servotech Power System Stocks Reach New High in Stock Market

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In a bullish market scenario on Monday around 11:45 am, the BSE Sensex soared to 72,205 points, up by 121 points, and the Nifty reached 21,922 points, up by 68 points. Amidst this positive trend, Servotech Power System stole the spotlight by witnessing a surge of 4.56%, reaching Rs 104.80, and achieving a 52-week high.

Background and Market Performance

Servotech Power Systems Limited, a key player in India’s EV charging sector, recently entered into collaborations with prominent companies to establish EV charging setups nationwide. With a market cap of approximately Rs 2,270 crore, the company has remarkably delivered a staggering 600% return to investors from its 52-week low of Rs 16.48.

Over the last five days, Servotech Power System shares demonstrated a commendable return of 27%, while the one-month performance reflected an impressive 38% increase. Notably, from a value of Rs 20 on February 15 last year, investors have reaped a remarkable return exceeding 400%.

Stellar Returns and Growth Trajectory

From the low of Rs 18 on March 31, 2023, Servotech Power shares have astonishingly yielded a remarkable 500% return for investors. The surge in the company’s fortunes is particularly noteworthy in light of the Union Finance Minister Nirmala Sitharaman’s budget announcement on February 1, emphasizing the promotion of EV charging infrastructure across the country.

Key Developments and Orders

In a significant development, Servotech Power Systems Limited secured a substantial order worth Rs 120 crore from Bharat Petroleum Corporation Limited in the last week of January. The order entails the supply and installation of 1800 DC fast EV chargers for Bharat Petroleum Corporation Limited. These chargers are slated to be installed at the corporation’s petrol pumps in major cities, aligning with the government’s push for EV charging infrastructure.

The company’s growth trajectory is in harmony with the government’s vision for the EV sector, as reflected in the Finance Minister’s budgetary emphasis on promoting EV charging infrastructure. Servotech Power Systems seems poised to play a crucial role in shaping the future of electric vehicle charging in Bharat.

Tags: StocksServotechSensexNiftystock market
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