Servotech surges 5% after bagging Rs 120 crore order from BPCL

New Order: Shares of Servotech Power Systems Ltd surged 5 per cent to hit an intraday high of Rs 86.30 after securing an order worth Rs 120 crore for producing 1,800 DC fast electrical vehicle (EV) chargers from Bharat Petroleum Corporation Limited (BPCL).

The EV charger maker will be involved in manufacturing, supplying, and deploying 1,800 EV chargers across India, particularly at BPCL petrol pumps in major cities, as part of the BPCL E-drive Project, according to a regulatory filing.

The project, which encompasses production of two charger variants, 60 kw and 120 kw, is pertinent to strengthen the EV charging infrastructure in the country, the company said.

With a focus on establishing e-mobility touchpoints, and optimising navigation for EV users, Servotech aims to complete this project by the end of 2024.

Sarika Bhatia, Director of Servotech Power Systems Ltd, said,"Our partnership focuses on establishing a dynamic EV charging network that makes EV charging accessible for EV owners nationwide."

Earlier this year, the company also bagged an order to supply and install 2,649 AC EV Chargers at different locations for BPCL’s E-drive project.

The company has completed 36 per cent of supply and installation and the entire project is slated to be completed by March this year.

The shares of Servotech Power Systems Ltd. closed 5 per cent higher at Rs 82.20.