Promoters bought 42,50,000 shares of this multibagger EV stock: Company advances into India's EV charging industry with in-house components manufacturing; details inside!
From Rs 2.04 to Rs 85.80 per share, the stock delivered multibagger returns of 4,100 per cent in 3 years.
Servotech Power Systems Ltd, a driving force in India's electric vehicle (EV) charging sector, announced a strategic initiative to bolster the nation's self-sufficiency in critical EV charger components. To achieve this goal, Servotech has secured a technical collaboration with a leading international company.
Servotech is constructing a cutting-edge manufacturing facility focused on the production of power modules, control circuits, and PLCs – essential elements at the core of EV chargers. This move marks a decisive shift away from reliance on imports and positions India as a key player in the global EV charger supply chain.
The new plant will have an initial annual production capacity of 24,000 power modules and will ramp up its production capacity to 2.4 lakh power modules annually to cater for the rapidly growing Indian EV market which will require around 6 lakh units annually. This scalable approach demonstrates Servotech's ambition to capture a significant share of the expanding EV charging sector.
Servotech Power Systems Ltd, a leader in India's clean energy transition, is building a new plant to be operational by December 2024. This initiative will reduce reliance on imported parts, create high-tech jobs, boost the technology sector's economy, and advance India's EV charging capabilities, ultimately providing dependable, cost-effective, and readily available charging solutions nationwide.
Servotech, a leading Indian EV charger manufacturer, secured a Rs 111 crore order for 1400 DC fast chargers (60 kW & 120 kW) from IOCL and other OEMs, with IOCL prioritizing deployment at their petrol pumps. This, along with their previous orders totalling 4700 chargers, bolsters India's EV charging infrastructure and signifies Servotech's commitment to accelerating the shift towards sustainable mobility.
Today, shares of Servotech Power Systems Ltd plunged 5 per cent lower circuit to Rs 85.80 per share from its previous closing of Rs 90.30. 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 2.04 to Rs 85.80 per share, the stock delivered multibagger returns of 4,100 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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