Updated February 23rd, 2024 at 15:19 IST

Servotech Power shares surge 5% on HPCL orders

The rise in share price followed an announcement regarding a significant order it secured.

Reported by: Business Desk
Servotech Power Systems shares surge 5% | Image:Servotech Power Systems

Servotech shares surge: Servotech Power Systems Ltd saw a surge in share price, rising by 5 per cent in early trading on Friday. The energy stock opened higher and hit an intraday high of Rs 97.80 per share on the NSE.

The rise in share price followed an announcement regarding an order it secured. In an exchange filing with the NSE, the company said that it has received an order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV chargers. The order, valued at Rs 102 crore, includes two charger variants of 60 kW and 120 kW.


The order involves Servotech manufacturing, supplying, and installing DC chargers nationwide, with a focus on deployment at HPCL's retail outlets. Additionally, the company will supply the rest of the chargers to EV charger OEMs. The move is expected to enhance the EV charging infrastructure in India, promote decarbonised mobility, and meet the needs of the sustainable automotive industry.

Sarika Bhatia, Director at Servotech Power Systems Ltd, expressed the company's commitment to the E-Mobility Revolution, stating, "As a leading EV charger manufacturer, our goal is to make India a nation where EVs are not just a dream but a living reality through a shared vision and relentless dedication."


Bhatia emphasised that Servotech's high-quality and technologically advanced DC fast EV chargers would help establish e-mobility touchpoints, optimise transactions, improve availability, simplify discovery, and facilitate navigation for EV users, supporting a smoother transition to a cleaner, more sustainable transportation ecosystem.


Published February 23rd, 2024 at 15:09 IST