Multibagger Stock Servotech Power Systems Unveils EV Charger Manufacturing Plans, Scrip Rally 430% YTD

India's leading EV charger manufacturer Servotech Power Systems has signed a MoU with the Uttar Pradesh government to set up an EV Charger manufacturing plant in the state.

The MoU was signed by Servotech's MD Raman Bhatia and UP's Industrial Development Minister Nand Gopal Gupta 'Nandi' in the presence of state's Transport Minister Daya Shankar Singh, InvestUP CEO IAS Abhishek Prakash and CM Yogi Adityanath's Spl. Secretary IAS Prathamesh Kumar in Lucknow.

Servotech will set up the plant under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022. The company will invest nearly Rs 300 crores for the project.

On this noteworthy opportunity, Raman Bhatia, founder & MD, of Servotech Power Systems Ltd. said, "Uttar Pradesh comprises the huge potential to become the manufacturing hub of Electric Vehicles, chargers, and batteries, etc. This opportunity has provided us the golden chance to establish a state-of-the-art manufacturing plant that will help to build a phenomenal ecosystem for EV charging and actively contribute to a clean & green environment."

Commenting on this occasion, Sarika Bhatia, Director, Servotech said, "I firmly believe this MoU will give new wings to the capabilities of Servotech to take its legacy of providing excessively promising EV chargers and solar power products forward while establishing new milestones in the renewable energy market of Uttar Pradesh and India."

"We are glad to welcome Servotech Power Systems Ltd to Uttar Pradesh. This MoU is a major step towards our goal of making Uttar Pradesh a leading EV manufacturing hub in India. We are confident that this plant will create a significant number of jobs and boost the state's economy," IAS Prathamesh Kumar, Spl. Secretary to Chief Minister and Addl. CEO, Invest UP said.

Servotech Power Systems is a leading manufacturer of EV chargers, solar products and other items. The company has a
strong track record of innovation and has been filed several patents for its products. Servotech is committed to providing high-quality products and solutions to its customers.

On Friday, the shares of Servotech Power Systems ended on the NSE at Rs 86 apiece up by 0.53% over the previous close of Rs 85.55. The stock made a 52-week-high of Rs 100 on (21-Jun-2023) and a 52-week-low of Rs 5.81 on (17-Aug-2022). In the last 1 year the stock has generated a massive multibagger return of 1,326.20% and on a YTD basis the scrip has gained 431.19% so far in 2023.