Promoters bought 42,50,000 shares of this multibagger EV stock below Rs 100: This EV company bags new order worth Rs 111 crore from IOCL and other OEMs

From Rs 2.04 to Rs 95.25 per share, the stock delivered multibagger returns of 4,569 per cent in 3 years.

Servotech Power Systems Ltd, a leading manufacturer of EV chargers in India, has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. The total order is valued at Rs 111 crore and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations.

Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step as it will promote decarbonized mobility and cater to the evolving needs of the EV charging infrastructure.

Servotech Power Systems has also secured significant orders totalling 4700 units, valued at Rs 333 crores, to bolster India's EV charging infrastructure. This includes 1500 DC fast chargers for HPCL and other OEMs, 1800 DC fast chargers for BPCL, and 2649 AC chargers for BPCL as well. Committed to swift installation, Servotech aims to deploy 5% of the DC fast chargers and all AC chargers by March 31, 2024, prioritizing HPCL's retail outlets. This surge in activity not only strengthens Servotech's position in the EV market but also signifies a crucial step towards making EVs more accessible and accelerating the transition to sustainable mobility in India.

Today, shares of Servotech Power Systems Ltd were locked in a 5 per cent lower circuit to Rs 95.25 per share from its previous closing of Rs 100.25. 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 2,000 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 2023.

From Rs 2.04 to Rs 95.25 per share, the stock delivered multibagger returns of 4,569 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.