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Business News/ Markets / Stock Markets/  Energy stock Servotech Power Systems hits upper circuit after winning HPCL order worth 102 crore
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Energy stock Servotech Power Systems hits upper circuit after winning HPCL order worth ₹102 crore

Servotech share price today opened upside and went on to touch an intraday high of ₹97.80 on NSE, logging an intraday rise of 5% against the previous close

Servotech Power Systems today announced 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.Premium
Servotech Power Systems today announced 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.

Indian stock market: Shares of Servotech Power Systems Ltd witnessed strong buying in the early morning session. The energy stock opened higher on Friday and went on to touch an intraday high of 97.80 apiece on the NSE, logging an intraday rise of 5 percent. While climbing to its intraday high, the small-cap energy stock touched the upper circuit during Friday deals.'

Trigger for Servotech Power Systems shares

In an exchange filing with NSE, the energy stock of the Indian stock market said, "Servotech Power Systems Ltd., a leading manufacturer of EV chargers in India, 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 102 crores and involves two charger variants of 60 kW and 120 kW."

The HPC 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.

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Speaking on the HPCL order, Sarika Bhatia, Director at Servotech Power Systems Ltd said, "We are honored to be a part of India's E-Mobility revolution and together with HPCL, we are committed to scaling up and fast-forwarding the transition to a sustainable future. As a leading EV charger manufacturer, our goal is to make India a nation where EVs are not just a dream but a living reality through a shared vision and relentless dedication."

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"We are confident that our high-quality and technologically advanced DC fast EV chargers will help to establish e-mobility touchpoints, optimize transactions, improve availability, simplify discovery, and facilitate navigation for EV users. Our active support ensures a smooth transition towards a cleaner, more sustainable transportation ecosystem" said Sarika Bhatia of the EV charging solution company.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 23 Feb 2024, 01:47 PM IST
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