Multibagger penny stock below Rs 80 & FIIs increase stake: This micro-cap EV company files two patents for innovative EV-charger technology; know more here!

The stock delivered multibagger returns, with a 400 per cent increase in 1 year, and a whopping 3,480 per cent increase in 3 years.

Servotech Power Systems Ltd, a leading manufacturer of EV chargers and solar solutions has announced that it has filed two patents in the realm of EV charger technology to revolutionize EV charging infrastructure. These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72v/96VDC through a CCS2 connector using a small additional gadget. These two patents will transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem.

Servotech Power Systems has developed a game-changing technology that allows GB/T Bharat DC 001 vehicles to charge using the more prevalent CCS2 chargers. This breakthrough eliminates the need for dual infrastructure, lowers costs, and benefits various users, including fleet services and vehicles adhering to the GB/T protocol. Additionally, it opens new markets for GB/T Bharat DC 001 manufacturers and makes travel between India and Europe smoother for EV owners. This innovation has the potential to revolutionize EV charging in India and countries utilizing GB/T with LVDC standards.

Earlier, the company had also filed two patents intending to facilitate grid service optimization through a battery energy storage system and to effectively channel renewable energy into BESS for maximum value, enabling the transition to sustainable energy. These innovations transformed energy management and improved overall efficiency. Both of these cutting-edge technologies possessed applicability across a broad spectrum of fields, including solar and electric vehicle charging systems.

Recently, FIIs were allotted 80,00,000 shares at a price of Rs 83.40 per share, raising Rs 66.72 crore. Coeus Global Opportunities Fund, Eminence Global Fund, AG Dynamics Fund, Minerva Ventures Fund and Forbes EMF each bought 15,00,000 shares. Five individual investors purchased the remaining shares.

Furthermore, the company bagged 2,649 AC EV charger orders from Bharat Petroleum Corporation Limited (BPCL). The company will be responsible for manufacturing, supplying and installing 2649 AC EV Chargers strategically across the nation, equipping petrol pumps in major Indian cities under the BPCL E-drive Project, playing a key role in the widespread implementation of EV charging solutions. The range of EV chargers includes 3 kW and 7 kW for this project. The manufacturing and production of these AC chargers has already begun and the supply of the chargers will begin from December 15, 2023 and will be completed within three months.

Servotech Power Systems, incorporated in 1998, is engaged in manufacturing LED lighting solutions, UPS (uninterruptible power supply) systems, inverters, and batteries. The company has a market cap of over Rs 1,600 crore. The shares of the company have an ROE of 16.8 and an ROCE of 17.7 per cent. Today, shares of the company gained 2.56 per cent to Rs 78 per share from its previous closing of Rs 76.05.

The stock delivered multibagger returns, with a 400 per cent increase in 1 year, and a whopping 3,480 per cent increase in 3 years. Investors should keep an eye on this multibagger micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.