Multibagger penny stock under Rs 100 with 3,473 per cent returns: This micro-cap company signs MoUs with IIT Roorkee for business expansion!

The stock delivered multibagger returns, with a 201 per cent increase in just 6 months, a 383 per cent increase in 1 year, and a staggering 3,473 per cent increase in 3 years.

Servotech Power Systems Ltd. (SPSL), India’s leading EV charger manufacturer has recently signed 2 MOUs with IIT Roorkee to develop state-of-the-art rectifier units for CCS2 chargers and onboard EV chargers for 2, 3 and 4 wheelers.

The rectifier unit is an integral component of the CCS2 charger that is currently imported. This collaboration 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 two, three and four wheelers, eliminating the need for a separate charger and enhancing the convenience and user-friendliness of electric vehicles. The onboard charger developed through this collaboration will pave the way for Servotech to expand its business as a leading OEM supplier for the two, three and four wheelers charger market.

Earlier, the company and EMCOR Power Solutions signed an MOU to establish 1,000 EV charging stations across the country. Under the terms of the MOU, EMCOR Power Solutions will provide Servotech Power Systems with 1000 CPO sites, while Servotech Power Systems will manufacture and install 30kW and 60kW DC fast EV chargers. The project will be executed in phases, with the initial phase involving the installation of 100 DC fast EV chargers in South India.

This partnership is a significant development in the quest for efficient and well-equipped EV charging infrastructure in India. It is expected to play a major role in accelerating the adoption of electric vehicles in the country.

On July 28, 2023, the company's stock traded after a 2-for-1 stock split, which means that each share with a face value of Rs 2 was split into two shares with a face value of Rs 1.

According to the Quarterly Results, Revenue from Operations grew by 148.34 per cent to Rs 79.57 crore and PAT skyrocketed by 1,056.34 per cent to a net profit of Rs 4.10 crore in Q1FY24 over Q1FY23.

According to the annual results, the net sales increased by 87.63 per cent to Rs 269.57 crore and net profit increased by 173.43 per cent to Rs 11.04 crore in FY23 over FY22. 

On Wednesday, shares of Servotech Power Systems plunged 5 per cent to Rs 79.20 per share with an intraday high of Rs 82.20 and an intraday low of Rs 79.20.

The stock delivered multibagger returns, with a 201 per cent increase in just 6 months, a 383 per cent increase in 1 year, and a staggering 3,473 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.