EV Charger Stock Surges on BPCL Order; Servotech Power Systems Witnesses 380% YTD Gain

Servotech Power Systems Ltd, a NSE-listed stock, has experienced an upward trend in 2023, witnessing a year-to-date surge of 380%. Despite this impressive performance, the EV charger stock demonstrated further strength, opening at ₹79.10 apiece levels during the early morning session on Thursday, reaching the 5% upper circuit.

In a significant development, Servotech Power Systems has received an order from Bharat Petroleum Corporation Limited (BPCL) for 2649 EV chargers. The company disclosed this news to the Indian stock market, highlighting its role in manufacturing, supplying, and installing these chargers across the nation as part of the BPCL E-drive Project. The EV chargers, including 3 kW and 7 kW variants, are strategically planned for installation at petrol pumps in major Indian cities. The production of these AC chargers has already commenced, with the supply set to begin on December 15th, completing within three months.

Sarika Bhatia, Director at Servotech Power Systems, expressed their honor in leading India’s E-Mobility revolution in collaboration with BPCL. Bhatia emphasized the role of the company’s state-of-the-art AC EV Chargers in contributing to India’s ambitious goals in the E-Mobility sector. The implementation of these chargers is expected to enhance EV charging convenience and significantly reduce the carbon footprint associated with transportation. Servotech Power Systems is committed to driving innovation in EV charging technology, supporting India’s transition toward a cleaner and more sustainable transportation ecosystem.

The NSE-listed organization specializes in developing tech-enabled EV Charging solutions, leveraging over two decades of experience and expertise in the electronics space. Their extensive range of AC and DC chargers is compatible with different EVs, serving various applications, including commercial and domestic.