Stock market today: Shares of Servotech Power Systems Ltd has been in uptrend after ushering in new year 2023. This NSE listed stock has delivered over 360 per cent return to its positional shareholders in year-to-date (YTD) time and it looks that some more steam is still let in this small-cap stock. The NSE stock opened higher today and went on to hit intraday high of ₹74.90 apiece levels, logging near 1.50 per cent rise within few minutes of stock market's opening bell today.
Possible reason for buying interest among Dalal Street bulls coould be the new EV trigger as the small-cap multibagger stock has informed Indian bourses that it is going to set up 1,000 new EV charging stations in India. For this purpose, the manufacturer of EV chargers has signed an MoU with EMCOR Power Solutions which is the Indian business start-up of EMCOR International, a renowned Kuwait-based general trading company to establish 1000 EV Charging Stations in India.
Servotech Power Systems news
Informing Indian exchanges about the development, Servotech Power Systems Ltd said, “Servotech Power Systems Ltd., a distinguished NSE-listed manufacturer of EV chargers in India, and EMCOR Power Solutions, a prominent name in providing remarkable and technologically EV charging CPO solutions and advanced battery have signed an MOU to Revolutionize EV Charging Infrastructure in India. EMCOR Power Solutions is the Indian business start-up of EMCOR International, a renowned Kuwait-based general trading company with a strong focus on the Oil and Gas sector, along with various ministerial departments."
Under the terms of this MOU, EMCOR Power Solutions commits to providing Servotech Power Systems with 1000 CPO (Charge Point Operator) sites in India. These sites will serve as the foundation for the installation of EV chargers, as outlined by the agreement. Servotech Power Systems will take on the role of manufacturer and installer of 30kW and 60kW and even higher capacity DC fast EV chargers, strategically distributed across India to cater to the varying power requirements of different locations. The project will be executed in phases, with the initial phase encompassing the installation of 100 DC fast EV chargers in South India, followed by further expansion across PAN India. This tie up will mark a significant development in the quest for efficient and well equipped EV charging infrastructure in India.
Speaking on the MoU, Raman Bhatia, MD at Servotech Power Systems Ltd said, “The signed MOU aims to accelerate nationwide adoption of Electric Vehicles by developing a well-equipped and technologically advanced EV charging infrastructure. We understand that the widespread adoption of EVs require more than just cutting-edge EV chargers; it demands a comprehensive and robust charging infrastructure that is accessible to all. Our goal, as the leading EV charger manufacturer in India, having a substantial market share, is to transform this vision into reality. We are confident that our deep industry knowledge and expertise in manufacturing high quality, reliable and affordable charging solutions will make this partnership a resounding success."
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