Solar Solution Provider-Servotech has secured order of around 1.2-MW solar energy storage and grid-connected systems from the Rural Development Department and UPNEDA
From Rs 2.68 to Rs 132.34 per share, the stock delivered multibagger returns of 4,838 per cent in 3 years.
Servotech Power Systems Ltd., a leading manufacturer of Solar solutions and EV chargers has secured a total of 1.2 MW order worth approximately Rs. 10.20 crores for the deployment of Solar Energy Storage and Grid-connected Systems. The order has been secured from the Rural Development Department of Uttar Pradesh and the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA).
Servotech will be responsible for installing multiple 75kW solar-based energy storage systems, designed to provide reliable and uninterrupted power supply across Uttar Pradesh. Additionally, the company will also be designing, manufacturing, supplying, erecting, testing and commissioning 20 kW and 40 kW grid-connected solar power systems, contributing to the state’s renewable energy goals. This order will prove to be essential for overcoming geographical and infrastructural challenges in areas of Uttar Pradesh by enabling a broader reach of sustainable energy solutions and ensuring the penetration of renewable energy into the grid.
Servotech has consistently made significant contributions to India's renewable energy goals and has played a crucial role in creating a holistic solar-powered ecosystem. The company has previously worked with UPNEDA, where it commissioned and maintained off-grid solar plants of various capacities throughout Uttar Pradesh. This recent order, in alignment with the government's vision for a sustainable future, will further enhance energy efficiency, and guarantee stable and predictable energy costs over the long term, benefiting the masses financially while reducing their carbon footprint.
Servotech Power Systems Ltd, a prominent manufacturer of Electric Vehicle (EV) chargers, solar solutions, and power-backup solutions, revealed its impressive financial performance for the quarter that ended June 30, 2024, at its Board of Directors meeting on July 30, 2024.
Earlier, the company secured an additional Rs 20 crore order for 400 DC fast EV chargers from BPCL and other OEMs, increasing its total order from BPCL to 2000 units valued at Rs 140 crore due to timely delivery of the initial 1800 units, Rs 120 crore order where 35 per cent of the chargers have already been dispatched. Meanwhile, INCHARZ and Prateek Group are collaborating to install AC and DC EV charging stations at Prateek's properties, offering charging options for two-wheelers, three-wheelers and four-wheelers to boost India's EV infrastructure.
Today, shares of Servotech Power Systems Ltd were locked in 10 per cent to Rs 132.34 per share from its previous closing of Rs 120.31 per share. The stock also made a fresh 52-week high of Rs 132.34 while its 52-week low of Rs 69.50 with a market cap of Rs 2,950 crore. From Rs 2.68 to Rs 132.34 per share, the stock delivered multibagger returns of 4,838 per cent in 3 years.
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About Servotech Power Systems Ltd
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. 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.
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