In a sudden turn of events, Servotech Power Systems, a star in the realm of EV charging solutions, found itself at the epicentre of a maelstrom as its stock price surged by a staggering 5%, pouring a dizzying ascent to ₹146.90 per share, in the aftermath of a contract announcement that sent shockwaves through the industry.
This project involves setting up public EV charging stations throughout Karnataka at 11 Regional Transport Office (RTO) locations, enhancing the state’s electric vehicle charging infrastructure.
As the EV revolution gathers momentum, Servotech Power Systems stands poised to appear. Its influence permeates every stratum of India’s clean energy landscape, leaving in its wake a trail of innovation and transformation.
The contract involves Servotech overseeing the entire project lifecycle, including planning, design, and final installation. The company will develop a comprehensive installation strategy for the EV charging stations at each RTO site, ensuring the best possible placement and capacity. Also, Servotech will provide warranty support and manage all related electrical connections and power supply requirements.
Sarika Bhatia, Director of Servotech Power Systems Ltd., expressed enthusiasm about the project, highlighting the company’s commitment to advancing India’s EV landscape. She noted that their involvement with BESCOM and recent collaborations, such as with ANERT, reflect their dedication to expanding their EV charging network across the country.
Servotech aims to broaden its presence further by partnering with other nodal agencies and distribution companies (DISCOMs) in the future.
This latest contract marks Servotech’s second major order in just under two weeks. On August 21, the company won a contract from the Agency for New and Renewable Energy Research and Technology (ANERT) under Kerala’s Department of Power to install 12 EV charging stations equipped with 30KW Fast DC chargers at various locations within Kerala’s Motor Vehicle Department. This contract includes the charging stations’ supply, commissioning, and construction.
Late August brought more hits as Servotech broadened its reach, joining forces with 62 DISCOMs nationwide under the Pradhan Mantri Surya Ghar Muft Bijli Yojana. However, the wins did not stop there: Servotech secured a whopping order for 1,800 DC fast EV chargers from Bharat Petroleum Corporation Limited (BPCL), valued at an impressive ₹120 crore.
Notably, the company also nabbed orders for nearly 1,500 DC fast chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs, collectively worth ₹102 crore.
In addition, a contract for 1,400 DC fast chargers from Indian Oil Corporation Limited (IOCL) and other OEMs, summing up to ₹111 crore, was sealed. Rounding out these wins, Servotech inked a partnership with Adani TotalEnergies E-Mobility for EV chargers.
Servotech’s stock performance has been a mesmerizing odyssey, a dizzying ascent that defies the laws of gravity. Casting our gaze back to 2020, we behold a returns juggernaut: a staggering 194% that year, followed by an astonishing 247% in 2021 and a still-impressive 110.24% in 2022.
The momentum, far from dissipating, intensified in 2023, with the stock skyrocketing an eye-popping 382%. Moreover, in this fledgling year, the stock has soared by a remarkable 72%, catapulting from ₹79 to ₹131 with the velocity of a runaway comet.
To contextualize this rise, consider this: from its 2019 nadir of ₹0.70 per share, the stock has ascended by an almost unfathomable 18,614%, a trajectory that rewrites the very fabric of financial possibility. This is no stock performance – it is a rebirth, a transmutation of value that beggars comprehension.
Servotech Power Systems, a visionary commodity at the forefront of sustainable energy solutions, orchestrates a symphony of innovations in solar technology, LED illumination, and EV charging infrastructure, harmonizing the triumvirate of residential, commercial, and industrial sectors with an array of energy-efficient products and power backup systems.
As the EV revolution gains unstoppable momentum, Servotech stands at the point of a transformative odyssey, poised to harness the kinetic energy of surging EV adoption, diversify its portfolio with innovative fervour, and boost its revenue streams in an energy landscape in a state of endless change.
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