EV charger stock Servotech Power Systems near life-time high after receiving IOC order. Details here
Stock market today: EV charging solution company Servotech Power Systems Ltd has been hitting headlines for receiving orders from oil PSUs these days. After receiving around ₹102 crore order from Hindustan Petroleum Ltd (HPCL), the energy company has today declared that it has received another order worth ₹111 crore from the Indian Oil Corporation (IOC) Limited.
As the EV charger company shared this news in an exchange filing today, the shares of Servotech Power Systems Ltd attracted buying attention from investors. Servotech Power Systems shares ascended to an intraday high of ₹103 apiece on NSE, logging a nearly 3.50 percent rise in Friday's session.
While ascending to this intraday high, the energy stock came close to its existing life-time high of ₹108.70 per share. Informing Indian stock market exchanges about the ₹111 crore IOC order, Servotech Power Systems Ltd said, "With reference to the captioned subject, we are enclosing herewith a Press Release with respect to “Company has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs." In a press release attached to the exchange filing Servotech Power Systems Ltd said, “Servotech Power Systems Ltd has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs.
The total order is valued at 111 crores and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations." "Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs.
Read more on livemint.com
