Servotech Power Systems stock zooms 5% after bagging order for EV chargers from BPCL
Servotech Power Systems saw its shares jump 5% to ₹79.10 apiece in Thursday's early trade. This positive uptick in shares came after the company received an order for EV chargers.
In an exchange filing on Wednesday, the company announced that it has bagged 2,649 AC EV charger orders from Bharat Petroleum Corporation Limited (BPCL). The company said it will be responsible for manufacturing, supplying, and installing 2,649 AC EV chargers strategically across the nation, equipping petrol pumps in major Indian cities under the BPCL E-Drive project.
Also Read: Craftsman Automation is Gearing up to Lead India’s Futuristic Auto Industry The range of EV chargers includes 3 kW and 7 kW for this project. The company stated that the manufacturing and production of these AC chargers have already begun, and the supply of the chargers will begin on December 15th and will be completed within three months.
Also Read: Olectra Greentech shares surge over 140% in 2023, will the momentum continue? Servotech Power Systems and BPCL had previously worked together to transform the E-Mobility landscape. The company also supplied and installed 800 units of 30 KW DC fast EV chargers at different locations across the country for BPCL’s E-Drive project.
Commenting on the development, Sarika Bhatia, Director of Servotech Power Systems, said, "We are honoured to lead India's E-Mobility revolution in partnership with BPCL, collaborating closely to establish an energy corridor enabling on-the-move charging for electric vehicles across India." “The company's state-of-the-art AC EV chargers will contribute to the realization of India's ambitious goals in the E-Mobility sector. Implementing these chargers will not only enhance the convenience of EV
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