Multibagger stock Servotech Power to trade ex-split on Friday

Multibagger stock Servotech Power Systems will trade ex-split with new ISIN number on Friday, July 28, the company said in the exchange filing. The company board had approved the stock split 2:1 ratio, meaning that each share of the company with a face value of Rs 2 will split in two shares with face value of Re 1 each.

NSE-listed Servotech had announced a sub-division (split) of its equity shares in May 2023 to enhance the liquidity of the company’s equity shares and to encourage wider participation in the stock market, the company said through a separate exchange filing earlier.

Prior to this announcement, the company had split its equity shares in 1:5 ratio in February this year. Then, the shares with the face value of Rs 10 each were divided into five equity shares with a face value of Rs 2 each. This is the second split announced by the company in 2023.

Shares of Servotech Power Systems rose about 2 per cent to Rs 178.95 on Thursday, commanding a total market capitalization around Rs 1,825 crore. The scrip had settled at Rs 174.45 on Wednesday. The stock has gained about 15 per cent in the last two weeks.

Shares of Servotech Power Systems have delivered multibagger returns to the investors. The stock has soared more than 1,350 per cent in the last one year, while the stock has gained about 450 per cent in the year 2023 so far. Even in the last six months, the stock has gained about 300 per cent.

Watch: Nifty, Sensex end in red; Sun Pharma, Bharti Airtel among top gainers; M&M, Tech Mahindra, Britannia top losers; Cipla, Bajaj Finserv, Birlasoft, Colgate, other buzzing stocks on July 27, 2023

New Delhi-based Servotech Power Systems is a leading manufacturer and distributor of EV charging solutions, solar products and medical devices in the country. It also manufactures and distributes EV charging solutions, solar products and medical devices.

Servotech Power Systems clocked a 1,050 per cent rise in the consolidated net profit on a year-on-year (YoY) basis at 4.11 crore in June 2023 quarter, as against a bottom line of Rs 0.36 crore in the same quarter a year ago. Its revenue from operating increased 148 per cent to Rs 79.57 crore in Q1FY24, which was Rs 32.04 crore a year ago.

Also read: Hot stocks on July 27, 2023: RVNL, Bharti Airtel, Ion Exchange, Texmaco Rail and more

Also read: RVNL shares in focus as two-day offer for sale kicks off

Also read: PNB shares at Rs 45 or Rs 70? Asset quality ratios improve but elevated opex mars earnings