Servotech Power Systems Hit 5% Upper Circuit On Securing Order Deal From BPCL

On Tuesday, the shares of Servotech Power Systems opened today on the NSE at Rs 83.40 apiece and during the afternoon deals the the scrip locked in a 5% upper circuit limit at Rs 86.30 apiece. The rally in the stock price was witnessed as the company secured a huge order deal from Bharat Petroleum Corporation Limited (BPCL).

Bharat Petroleum Corporation Limited (BPCL) has placed a significant order for 1800 DC Fast EV chargers from Servotech Power Systems Ltd., a well-known EV charger manufacturer in India. As part of the BPCL E-drive Project, Servotech will manufacture, supply, install, and strategically place 1800 EV chargers around the country, mostly at BPCL fuel stations in major cities. The project is valued at 120 crores.

"This move is a crucial step in promoting widespread EV charging infrastructure. The project encompasses two charger variants, 60 kW and 120 kW and Servotech aims to complete this extensive project by the end of 2024, contributing to the nation's evolving EV ecosystem. This initiative aims to establish e-mobility touchpoints, optimizing transactions, improving availability, simplifying discovery, and facilitating navigation for EV users. The overarching goal is to ensure convenient access to the expanding EV charging network," said Servotech Power Systems in a stock exchange filing.

Sarika Bhatia, Director of Servotech Power Systems Ltd said, "we take immense pride in accelerating India's EMobility revolution in collaboration with BPCL. Our partnership focuses on establishing a dynamic EV charging network that makes EV charging accessible for EV owners nationwide. Through cutting-edge DC Fast EV Chargers, Servotech Power Systems aims to play a pivotal role in realizing India's ambitious goals in the E-Mobility sector, bringing the nation closer to becoming an EV-powered nation."

"As India wholeheartedly embraces electric mobility, Servotech stays at the forefront of developing a robust EV charging infrastructure and has already successfully supplied 4000 EV Chargers across India (as of Jan 2024). Our active support ensures the nation's smooth transition toward a cleaner and more sustainable transportation ecosystem.

This strategic initiative not only represents a significant milestone but also paves the way for a robust and expansive charging network, essential for the future of high-capacity and rapid EV charging," said Sarika Bhatia.
BPCL and Servotech Power Systems had previously collaborated to change the E-Mobility landscape. For BPCL's E-drive initiative, the company has won an agreement to provide and install 2649 AC EV chargers at different locations around the nation. The majority of the supply and installation has already been finished by Servotech, and the project will be finished by March 24.