Servotech Power shares hit upper circuit as company bags Rs 120 cr order from BPCL

Shares of Servotech Power Systems Ltd hit an upper circuit during the trading session on Tuesday after the company announced to bag an order from Bharat Petroleum Corporation (BPCL). The company informed about the same through an exchange filing with the bourses during the day.

"Servotech Power Systems has bagged a major order of 1800 DC Fast EV chargers from Bharat Petroleum Corporation (BPCL). The project valued at Rs 120 Crores will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation," said the filing.

This move is a crucial step in promoting widespread EV charging infrastructure as part of the BPCL E-drive Project. The project encompasses two charger variants, 60 kW and 120 kW and Servotech aims to complete this extensive project by the end of 2024, contributing to the nation's evolving EV ecosystem, it said.

Following the announcement, shares of Servotech Power Systems surged 5 per cent, hitting its upper circuit limit, to Rs 86.30 on Tuesday, commanding a total market capitalization of more than 1,800 crore. The scrip had settled at Rs 82.20 in the previous trading session. The stock has surged 425 per cent from its 52-week low at Rs 16.48 hit in March 2023.

"This initiative aims to establish e-mobility touchpoints, optimizing transactions, improving availability, simplifying discovery, and facilitating navigation for EV users. The overarching goal is to ensure convenient access to the expanding EV charging network," it added.

Serovtech and BPCL had previously worked together to transform the E-Mobility landscape. The company also bagged an order to supply and install 2649 AC EV Chargers at different locations across the country for BPCL’s E-drive project. Servotech has already completed 36 per cent of supply and installation. The entire project will be completed by March 2024, said the company.

Servotech Power Systems is into the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.

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