Multibagger stock: Servotech Power Systems gains 5% on bagging 1500 EV chargers
In every year since CY20, the stock has delivered a multi-bagger return. In CY20, CY21, and CY22, the stock generated returns of 194%, 247%, and 110.24%, respectively. In the recently concluded CY23, the stock achieved an impressive return of 382%.
Shares of Servotech Power Systems, a leading manufacturer of EV chargers in India, locked into a 5% upper circuit at ₹97.80 apiece in today's session after the company bagged a significant order.
The company informed investors through an exchange filing today that it received an 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 crore and involves two charger variants of 60 kW and 120 kW.
The order secured by HPCL involves Servotech manufacturing, supplying, and installing DC EV chargers nationwide, prioritising deployment at HPCL's retail outlets. Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs, as per the company's exchange filing.
Meanwhile, the company, on February 07, signed a contract with Adani Total Energies E-Mobility (ATEL) for AC EV chargers. The company will be responsible for manufacturing, supplying and installing AC EV chargers at different airports and other locations. Adani Total Gas aims to install 75,000 EV charging stations by 2030.
Earlier in January, the company secured order of 1800 DC Fast EV Chargers from Bharat Petroleum Corporation Limited (BPCL). The project, valued at ₹120 crore, will involve Servotech manufacturing, supplying, installing, and strategically deploying these 1800 EV chargers across the nation, particularly at BPCL petrol pumps in major cities, as part of the BPCL E-Drive Project.
In December last year, the company filed two patents for Innovative EV Charger Technology to revolutionise EV charging infrastructure. According to the company, these two patents will transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem.
Multibagger returns
In every year since CY20, the stock has delivered a multi-bagger return. In CY20, CY21, and CY22, the stock generated returns of 194%, 247%, and 110.24%, respectively. In the recently concluded CY23, the stock achieved an impressive return of 382%.
So far in the current year, the stock is up by 28%, jumping in value from ₹79 to ₹97.80. Taking the stock's CY19 low price of ₹0.70 apiece, the stock has skyrocketed 13,900% to date.
Servotech Power Systems is a small-cap stock with a market capitalization of ₹2,121 crore. The company develops tech-enabled EV charging solutions, leveraging its two decades of experience and expertise in the electronics space.
It offers an extensive range of AC and DC chargers that are compatible with different EVs and serve multiple applications, such as commercial and domestic.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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