Solar, EV stock Servotech Renewable Power System jumps 6% following stock market rebound

Servotech Renewable Power System share price rallied nearly 6% on Monday, driven by strong buying momentum and a rebound in the broader Indian stock market today. The smallcap stock jumped as much as 5.92% to ₹133 apiece on the BSE.

The rally in Servotech Renewable Power System shares was supported by heavy buying volumes. Around 11 lakh equity shares of the company changed hands on stock exchanges on October 6, as compared with its one week average trading volume of 3 lakh shares, and one month average trading volume of 7 lakh shares.

The positive sentiment in the broader Indian stock market also supported the share price gains. The benchmark Sensex jumped more than 600 points, or 0.75%, and the Nifty 50 surpassed the 25,000 level.

Order Win

Solar solutions manufacturer Servotech Renewable Power System on September 29 announced that it bagged a 3 MW grid-connected rooftop solar project from the Northern Central Railway, Agra Division valued at ₹13 crore.

“As per the contract, Servotech Renewable will undertake the complete execution of the on-grid rooftop solar PV project, including design, manufacturing, supply, installation, testing, and commissioning of solar panels of different capacities across multiple railway sites in the Agra Division,” Servotech Renewable Power System said in a regulatory filing on September 29.

This initiative aligns with Indian Railways’ sustainability vision by reducing dependence on conventional energy sources and adopting renewable energy at large-scale to cut carbon emissions, it added.

Servotech Renewable Power System Share Price Performance

Servotech Renewable Power System share price has gained 7% in one month, but the smallcap stock has declined 10% in three months. On a year-to-date (YTD) basis, Servotech Renewable shares have dropped 21%, while they have declined 26% in one year. However, over the past three years, Servotech Renewable shares have delivered multibagger returns of 710%.

At 1:50 PM, Servotech Renewable Power System share price was trading 4.11% higher at ₹130.72 apiece on the NSE.

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