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Business News/ Markets / Stock Markets/  EV charger stock Servotech Power Systems near life-time high after receiving IOC order. Details here
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EV charger stock Servotech Power Systems near life-time high after receiving IOC order. Details here

Stock market today: Servotech Power Systems has informed Indian exchanges about bagging IOC order worth ₹111 crore.

Stock market today: Servotech Power Systems has bagged IOC order for 1400 DC fast EV chargers. (Photo: Pixabay)Premium
Stock market today: Servotech Power Systems has bagged IOC order for 1400 DC fast EV chargers. (Photo: Pixabay)

Stock market today: EV charging solution company Servotech Power Systems Ltd has been hitting headlines for receiving orders from oil PSUs these days. After receiving around 102 crore order from Hindustan Petroleum Ltd (HPCL), the energy company has today declared that it has received another order worth 111 crore from the Indian Oil Corporation (IOC) Limited. 

As the EV charger company shared this news in an exchange filing today, the shares of Servotech Power Systems Ltd attracted buying attention from investors. Servotech Power Systems shares ascended to an intraday high of 103 apiece on NSE, logging a nearly 3.50 percent rise in Friday's session. While ascending to this intraday high, the energy stock came close to its existing life-time high of 108.70 per share.

IOC order details

Informing Indian stock market exchanges about the 111 crore IOC order, Servotech Power Systems Ltd said, "With reference to the captioned subject, we are enclosing herewith a Press Release with respect to “Company has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs."

In a press release attached to the exchange filing Servotech Power Systems Ltd said, “Servotech Power Systems Ltd has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. The total order is valued at 111 crores and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations."

"Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step as it will promote decarbonized mobility and cater to the evolving needs of the EV charging infrastructure," the EV charger company added.

HPCL order to Servotech Power Systems

Shares of Servotech Power Systems Ltd had witnessed strong buying around a week ago when it declared an HPCL order worth 102 crore. The energy company had informed Indian exchanges about bagging a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs.

Before HPCL, Servotech Power System Ltd had received 1800 DC EV chargers' orders from BPCL. The total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4700 units.

 

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: 01 Mar 2024, 03:28 PM IST
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