EV-Charger Manufacturer Stock – Servotech Power Hits All-Time High at Rs 173 Per Share; Complete Details Inside
From Rs 2.70 to Rs 173 per share, the stock delivered multibagger returns of over 6,300 per cent in 3 years.
The PM Electric Drive Revolution in Innovative Vehicle Enhancement Scheme (PM E-Drive Scheme) is a significant government initiative aimed at promoting electric mobility in India. The scheme offers subsidies and incentives worth a substantial Rs 3,679 crore to encourage the adoption of various electric vehicles, including e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging EVs. With an allocation of Rs 4,391 crore, the scheme will support the deployment of 14,028 e-buses by STUS/public transport agencies. Additionally, Rs 500 crore has been earmarked for incentivizing e-trucks and e-ambulances.
To enhance EV charging infrastructure, the PM E-Drive Scheme supports the installation of 88,500 charging sites across the country. This includes 22,100 fast chargers for e-4Ws, 1800 fast chargers for e-buses, and 48,400 fast chargers for e-2Ws/3Ws. The outlay for EV charging stations (EV PCS) is set at Rs. 2,000 crore.
Mr Raman Bhatia, Founder & MD, Servotech Power Systems Ltd on the Impact of the PM E-DRIVE Scheme on EV Charging Industry said, "The PM E-DRIVE Scheme fits perfectly into the vision set forth by the government. The scheme will promote mass mobility by supporting means of public transportation. Through incentives and the development of crucial EV charging infrastructure, this scheme will create significant green footprints. The government's decision to support 88,500 EV charging sites nationwide will definitely act as a wonderful opportunity for the industry’s players and major stakeholders. It will give them a launchpad to establish a well-connected charging network. As a leading player in the EV charging industry, Servotech has consistently and constantly worked towards manufacturing and supplying high-quality EV chargers that will aid in building a strong EV charging network and enhancing the existing network. With this scheme in the picture, the company is all charged up to take our efforts to another level and speed up our efforts in achieving our goals in alignment with the government’s vision of cultivating and sustaining an EV-powered India. Supporting the ideals of Aatmanirbhar Bharat through domestic manufacturing and driven by the PMP which will reduce imports and boost domestic manufacturing will make India a leader in domestic manufacturing and strengthen the EV supply chain. Apart from addressing concerns like environmental pollution, and fuel security, this scheme will speed up the process of generating employment opportunities including in EV manufacturing and the establishment of charging infrastructure."
Today, shares of Servotech Power Systems Ltd hit a 10 per cent upper circuit to Rs 173 per share from its previous closing of Rs 157.28 per share. The stock also made an all-time high of Rs 173 per share. The company has a market cap of Rs 3,856 crore. From Rs 2.70 to Rs 173 per share, the stock delivered multibagger returns of over 6,300 per cent in 3 years.
Recently; Servotech Power Systems Ltd., India’s largest EV Charger manufacturer, has secured a substantial contract to build 11 DC Fast EV charging stations from Bangalore Electricity Supply Company Limited (BESCOM). This contract involves Servotech installing public electric vehicle (EV) charging stations at 11 Regional Transport Office (RTO) premises across Karnataka. The project will significantly enhance the charging infrastructure for electric vehicles, making it more convenient for EV owners to charge their vehicles across various regions of Karnataka. Servotech will manage the entire project execution, from planning and design to final installation. This includes developing a comprehensive plan for the installation of EV charging stations at each RTO location, ensuring optimal placement and capacity. High-quality charging stations will be manufactured, tested, and inspected to meet strict safety and performance standards. Additionally, Servotech will provide warranty support and handle all necessary electrical connections and power supply arrangements.
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About the Company
Servotech Power Systems, a trusted brand with a nationwide presence on the NSE, has over 20 years of experience in electronics. They leverage this expertise to design and manufacture cutting-edge AC and DC charging solutions for electric vehicles. Their chargers cater to both commercial and domestic applications, ensuring compatibility with a wide range of EVs. With its comprehensive engineering capabilities, Servotech is positioned to be a key player in building India's EV charging infrastructure. Backed by a history of innovation and advanced technology development, Servotech is committed to shaping the future of e-mobility in India.
In Q1FY25, FIIs bought 70,06,711 shares and increased their stake to 5.53 per cent compared to 2.45 per cent in Q4FY24. The stock gave multibagger returns of 148.92 per cent from its 52-week low of Rs 69.50 per share. Investors should keep an eye on this multibagger EV-charging and solar energy stock.
Disclaimer: The article is for informational purposes only and not investment advice.