Servotech Power Systems, a top EV charger manufacturer, saw its stock rise by 5%, reaching ₹146.90 per share. This boost came after the company announced a major contract win to install EV charging stations for Bangalore Electricity Supply Company Limited (BESCOM).
Major Contract Win for 11 EV Charging Stations
The company revealed it will install 11 DC Fast EV charging stations at Regional Transport Office (RTO) locations across Karnataka. This move is expected to enhance the state’s EV charging infrastructure, making it easier for electric vehicle owners to charge their vehicles.
Complete Project Management by Servotech
Servotech will handle the project from start to finish, including planning, design, and installation. They will also provide warranty services and manage all electrical connections and power supply arrangements for the stations.
Statement from Servotech’s Director
Sarika Bhatia, Director of Servotech Power Systems Ltd., said the company is excited about the BESCOM project. “As a leader in the EV sector, this initiative brings us closer to the goal of transforming India into an EV-powered nation,” she said.
Steady Flow of Contracts for Servotech
This latest contract win marks Servotech’s second major deal in two weeks. In August, the company secured a contract from Kerala’s Agency for New and Renewable Energy Research and Technology (ANERT) to install 12 EV charging stations. They also partnered with 62 DISCOMs across India for other projects.
Strong Stock Performance with Multibagger Returns
Servotech has delivered strong returns to investors in recent years. In 2020, 2021, and 2022, the stock gained 194%, 247%, and 110.24%, respectively. In 2023, it surged 382%. Since the start of this year, the stock has climbed by 72%, reflecting the company’s strong position in the growing EV market.
Diversifying Product Portfolio to Meet Market Demand
Servotech manufactures solar solutions, LED lighting, and EV chargers. The company is positioned to benefit from India’s EV growth and is diversifying its products to meet the increasing market demand.
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