Servotech Power Systems hits 5% upper circuit on bagging orders worth 102 crore [Video]

Servotech Power Systems shares gained 5% to hit the upper circuit limit of ₹97.8 per piece on BSE on Friday, February 23, after the company said it had bagged orders worth ₹102 crore from Hindustan Petroleum Corporation Ltd (HPCL) and other electric vehicle charger OEMs.

In a stock exchange filing, the company said it won an order for almost 1,500 DC fast EV chargers from HPCL and EV charger original equipment manufacturers (OEMs), which involve two charger variants of capacities 60 kW and 120 kW.

According to the order details, the one secured from HPCL pertains to Servotech manufacturing, supplying and installing DC EV chargers across the country, thereby prioritising the deployment of these chargers at HPCL’s retail outlets.

Servotech will also manufacture and supply the remaining chargers to EV charger OEMs, while also promoting decarbonised mobility as well as cater to the evolving needs of the sustainable automotive industry.

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