4,000 per cent returns: Multibagger micro-cap stock hits upper circuit as the company announces new battery manufacturing and trading subsidiary!
The stock delivered exceptional returns, with a 350 per cent increase in just 6 months and over 1,500 per cent increase in 1 year.
Servotech Power Systems has announced to set up a wholly-owned subsidiary - Techbec Green Energy Private Limited. The new subsidiary will be engaged in the manufacturing and trading of batteries for electric vehicles. Delhi-based Servotech Power Systems is a leading EV charger maker. It will hold a 99.99 per cent stake in the newly incorporated subsidiary.
The company plans to engage in various activities related to batteries and electrical components in India and abroad. They will manufacture, assemble, process, produce, supply, repair, purchase, sell, import, and export batteries and their associated parts. They also plan to manufacture, trade, distribute, and represent components used in EV chargers.
According to the Quarterly Results, the net sales increased by 148.35 per cent to Rs 79.57 crore and net profit skyrocketed by 1,038.90 per cent to Rs 4.10 crore in Q1FY24 over Q1FY23. The profit was boosted by higher revenues amid demand for smart power solutions equipment. Additionally, the company traded ex- split today, from a face value of Rs 2 each to a face value of Rs 1 each.
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Servotech Power Systems Ltd is engaged in manufacturing LED lighting solutions, UPS (uninterruptible power supply) systems, inverters, and batteries. The company also manufactures and distributes EV charging solutions, solar products and medical devices.
On Friday, shares of Servotech Power Systems hit 5 per cent upper circuit to Rs 90.90 per share from its previous closing of Rs 86.60.
The stock delivered exceptional returns, with a 350 per cent increase in just 6 months, a 1,500 per cent increase in 1 year, and a staggering 4,000 per cent increase in 3 years. Investors should keep an eye on this multibagger Small-Cap stock.