Multibagger EV stock at Rs 84.5 & promoters increase stake: This EV charger infra company to build 20 EV charging stations for Nashik Municipal Corporation

Kiran Shroff
Multibagger EV stock at Rs 84.5 & promoters increase stake: This EV charger infra company to build 20 EV charging stations for Nashik Municipal Corporation

From Rs 2.02 to Rs 84.50 per share, the stock delivered multibagger returns of over 4,000 per cent in 3 years.

Servotech Power Systems Ltd (NSE: SERVOTECH), a prominent player in the EV charging and solar industry, has secured a substantial contract from the Nashik Municipal Corporation (NMC). This contract involves Servotech supplying, commissioning, and constructing 20 electric vehicle (EV) charging stations throughout the Nashik Municipal Corporation area.

The objective of this contract is to meet the increasing need for convenient and accessible charging facilities for electric vehicles, thus facilitating the state's shift towards sustainable transportation solutions. As the demand for EV mobility grows, there is a corresponding need for enhanced EV charging infrastructure and these charging stations will enable EV owners to recharge their vehicles conveniently while on the move.

Servotech will oversee the installation, supply, commissioning, construction and maintenance of EV charging stations, catering to various vehicles and substantially improving Nashik's EV charging network. This positions Servotech as a frontrunner in India's growing EV infrastructure market and aligns with the government’s vision to create a robust EV ecosystem nationwide. Additionally, this initiative reflects Servotech's commitment to sustainability by facilitating Nashik's transition to cleaner transportation, aligning with its environmental responsibility goals and reducing carbon emissions in one of the key cities of India.

Servotech, a leading electronics company with a new subsidiary Servotech EV Infra, is making a big push into the Indian electric vehicle charging market. They've secured funding, appointed industry veterans to lead the company, and are setting up initial charging stations in North India as a springboard for a nationwide network, leveraging Servotech's existing expertise in EV charging solutions to build a greener future.

Servotech Power Systems Ltd, a frontrunner in India's EV charging industry, is establishing a state-of-the-art manufacturing facility to lessen dependence on imported parts. This venture, achieved through collaboration with a global leader, will manufacture essential EV charger components like power modules and control circuits. With a planned production of 24,000 units initially, scaling up to meet the country's rising demand of 6 lakh units annually, Servotech aims to be a major player in the global EV charger market. This initiative not only strengthens India's position in the EV sector but also fosters job creation, economic growth, and widespread availability of reliable and affordable EV charging solutions across the nation.

Today, shares of Servotech Power Systems Ltd surged 2.92 per cent to Rs 84.50 per share from its previous closing of Rs 82.10. The 52-week high of the stock is Rs 108.70 and the 52-week low of Rs 16.48 with a market cap of over Rs 1,800 crore. The promoters of the company bought 42,50,000 shares and increased their stake to 61.37 per cent in January 2024 compared to 60.60 per cent in December 2024. From Rs 2.02 to Rs 84.50 per share, the stock delivered multibagger returns of over 4,000 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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