3300% rally in 3 years: Multibagger EV stock below ₹100 hits upper circuit on second day in a row

Stock market today: Shares of Servotech Power Systems Ltd are one of the multibagger stocks that the Indian stock market has delivered in recent years. In the last one year, the EV charging solutions company's share has appreciated from nearly ₹19 to ₹85.50 apiece on NSE, logging around 350 percent rise in this time horizon. Likewise, in the last three years, the energy stock has risen from nearly ₹2.50 (September 2021) to ₹85.50 apiece level, recording to the tune of 3300 percent rise in this period. However, it seems that the multibagger stock still possesses some steam. This multibagger stock has been hitting the upper circuit for the last two straight sessions.

Servotech Power Systems news

The multibagger stock is in the news today for collaborating with Electra EV to innovate EV charging technologies.

Servotech Power Systems Ltd informed Indian stock market bourses on Tuesday about the development saying, "Servotech Power Systems Ltd., a leader in the development of EV chargers and solar solutions, and Electra EV, India’s leading Electric Vehicle Powertrain solutions company, have announced a collaboration for a jointly owned revolutionary EV charger technology, for which they filed for patents recently."

Speaking on the collaboration, Arun Handa, Chief Technical Officer at Servotech Power Systems Ltd said, "We are thrilled to partner with Electra EV, a company that shares our vision for a sustainable and accessible e-mobility future," adding, "This collaboration brings together exceptional technological expertise and a commitment to innovation. The joint ownership of these patents will accelerate the development of a next-generation EV charging ecosystem that benefits businesses and consumers alike."

The partnership between Servotech Power Systems Ltd. and Electra EV signifies a pivotal moment in the advancement of the EV industry across India and other countries adopting the GB/T Bharat DC 001 standard. By streamlining charging infrastructure and driving down costs, this united front paves the way for the widespread adoption of electric vehicles.

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