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Servotech Power Shares: Amid market volatility on the fourth trading day of the week i.e. Thursday, the stock of Servotech Power Systems Ltd witnessed a turbulent surge. During the trading, the stock hit the circuit above 5 percent and the price was Rs. reached 79.10. This rise in the stock has come due to the company getting a good news.
In fact, the company has received an order for electric vehicle (EV) chargers from oil marketing major Bharat Petroleum Corporation (BPCL). In an exchange filing, the company said Servotech Power Systems Ltd has received an order for 2,649 AC EV chargers from Bharat Petroleum Corporation Limited (BPCL). However, the value of the order by BPCL was not disclosed in the company filing.
Let us tell you that the company will be responsible for the manufacture, supply and installation of EV chargers strategically across the country. BPCL will equip petrol pumps in major Indian cities under the e-Drive project and play a key role in the widespread implementation of EV charging solutions. ,
The range of EV chargers for this project include 3kW and 7kW. The manufacturing and production of these AC chargers has already started and the supply of chargers will start from December 15. According to the company, the order will be completed within a period of three months.
Company Quarterly Results
In the September 2023 quarter, Servotech’s profit rose over 300 percent year-on-year to Rs. 3.12 crore has been made. In the second quarter of the current fiscal, its revenue from operations grew by 114 percent to Rs. 85.93 crores.