4,500 per cent returns: Multibagger EV-stock hit upper circuit as it bags new order worth Rs 120 crore from Bharat Petroleum Corporation Ltd!

Kiran Shroff
4,500 per cent returns: Multibagger EV-stock hit upper circuit as it bags new order worth Rs 120 crore from Bharat Petroleum Corporation Ltd!

From Rs 1.87 to Rs 86.30 per share, the stock delivered multibagger returns of 4,500 per cent in 3 years.

Servotech Power Systems Ltd, a leading EV Charger manufacturer in India, has bagged a major order of 1,800 DC Fast EV chargers from Bharat Petroleum Corporation Limited (BPCL). The project valued at Rs 120 crore will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation, particularly at BPCL petrol pumps in major cities, as part of the BPCL E-drive Project.

This move is a crucial step in promoting widespread EV charging infrastructure. The project encompasses two charger variants, 60 kW and 120 kW and Servotech aims to complete this extensive project by the end of 2024, contributing to the nation's evolving EV ecosystem. This initiative aims to establish e-mobility touchpoints, optimise transactions, improve availability, simplify discovery, and facilitate navigation for EV users. The overarching goal is to ensure convenient access to the expanding EV charging network.

Serovtech Power Systems and BPCL had previously worked together to transform the E-Mobility landscape. Recently the company also bagged an order to supply and install 2,649 AC EV Chargers at different locations across the country for BPCL’s E-drive project. Servotech has already completed 36 per cent of supply and installation and the entire project will be completed by March 2024.

Sarika Bhatia, Director of Servotech Power Systems Ltd, expressed profound pride in advancing India's EMobility revolution alongside BPCL. With a dedicated focus on establishing an inclusive EV charging network nationwide, our partnership aims to facilitate accessibility for all EV owners. Leveraging state-of-the-art DC Fast EV Chargers, Servotech Power Systems is committed to catalyzing India's ambitious E-Mobility goals, ushering the nation towards a future powered by electric vehicles. Amidst India's enthusiastic embrace of electric mobility, Servotech remains at the forefront, having already deployed 4000 EV Chargers across the country as of January 2024. She added that the company's proactive efforts ensure a seamless transition towards a cleaner and more sustainable transportation landscape. Sarika Bhatia emphasized that this strategic collaboration signifies a significant milestone and lays the groundwork for a robust charging infrastructure critical for the future of high-capacity and rapid EV charging.

Founded in 1998, Servotech Power Systems manufactures LED lighting solutions, UPS systems, inverters, and batteries, boasting a market cap surpassing Rs 1,835 crore. The company's shares showcase a robust financial performance with a 17 per cent Return on Equity (ROE) and an 18 per cent Return on Capital Employed (ROCE).

In a recent development, the promoter, Raman Bhatia, along with Foreign Institutional Investors (FIIs) such as Eminence Global fund PCC- EUBILIA Capital Partners Fund, AG Dynamic Funds Limited, Minerva Ventures Fund, Forbes EMF, and Coeus Global Opportunities Fund as well as non-promoters including Rakhee Mahesh Vaze, Nikhil Batra, and Aparna Jain, collectively acquired 89,00,000 shares through a preferential issue.

Raman Bhatia secured 5,00,000 warrants, FIIs were granted 80,00,000 warrants, and the remaining 4,00,000 warrants were allotted to non-promoters, highlighting a strategic move to enhance ownership and participation in the company.

From Rs 1.87 to Rs 86.30 per share, the stock delivered multibagger returns of 4,500 per cent in 3 years. Investors should keep an eye on this multibagger EV-stock.

Disclaimer: The article is for informational purposes only and not investment advice. 

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