Servotech Power Systems shares rebound 9% as co signs MoU with IIT-Roorkee

Shares of Servotech Power Systems rebounded about 9 per cent from day's low on Thursday as the company signed two memorandum of understandings (MoUs) to develop e-chargers, rectifier units. The company informed about the same through an exchange filing on Wednesday.

Servotech Power Systems has signed two MOUs with IIT Roorkee to develop state-of-the-art rectifier units for CCS2 chargers and Onboard EV chargers for two, three and four-wheelers, said the company in an exchange filing. The rectifier unit, an integral component of the CCS2 charger, is currently imported.

The MoU will boost domestic manufacturing capabilities and promote the growth of the domestic EV industry. The onboard charger for electric vehicles is a compact and lightweight charger designed to be mounted directly on the two, three and four wheelers, eliminating the need for a separate charger and enhancing the convenience and user-friendliness of electric vehicles.

Following the announcement, shares of Servotech Power Systems rebounded 8 per cent from its day's low around opening at Rs 75.25 to Rs 81.90 on Thursday. The company commanded a total market capitalization of more than Rs 1,700 crore. The scrip had settled at Rs 79.20 in the previous trading session.

Servotech Power Systems have rallied about 300 per cent in the last six months, while the stock has delivered a return of more than 400 per cent in the year 2023 so far. The stock is up 550 per cent from its 52-week low at Rs 12.55. It has zoomed more than 3,000 per cent in the last five years.

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.

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