Servotech Power Systems Share Price Zooms Over 10% After Securing BESCOM Contract

On Friday, shares of EV charger manufacturer company Servotech Power Systems Ltd jumped around 4 per cent to an intraday high of Rs 184.40 per share from its previous closing of Rs 177.54 per share. The stock's 52-week high is Rs 205.40 and its 52-week low is Rs 73. The company has a market cap of over Rs 4,080 crore with multibagger returns of 7,150 per cent in 5 years.

The Bangalore Electricity Supply Company Limited (BESCOM) awarded Servotech Power Systems Ltd. a sizable contract earlier this week to construct 11 DC Fast EV charging stations. As part of the deal, public charging stations for electric vehicles will be installed at Karnataka Regional Transport Offices (RTOs). This advancement is a critical step towards fortifying the state's electric vehicle infrastructure and facilitating EV owners' ability to charge their vehicles at various locations.

Servotech will oversee the entire project, from planning and design to the final installation of the EV charging stations. This includes developing a detailed plan to ensure that each RTO site has optimal placement and charging capacity. The company will manufacture and test high-quality chargers to meet stringent safety and performance standards. In addition to installing the charging stations, Servotech will provide warranty support and manage all required electrical connections and power supply arrangements.

This contract is seen as a strategic move for Servotech, as it positions the company as a key player in India's rapidly growing electric vehicle market. The installation of these charging stations is expected to boost EV adoption in Karnataka and improve the overall experience for EV owners in the region.

In another significant development, Servotech Power Systems Ltd recently expanded its reach under the Pradhan Mantri-Surya Ghar Mufti Bijli Yojana by enrolling with 62 Distribution Companies (DISCOMs) across India.

The PM Surya Ghar Muft Bijli Yojana is a government initiative designed to promote the solarization of households and drive green growth. The program has seen over 1.28 crore registrations and 14 lakh applications, reflecting its widespread popularity. Servotech's participation in this initiative further strengthens its position in the renewable energy sector and amplifies the impact of the program by offering sustainable energy solutions to a broader audience.

With a focus on innovation and customer satisfaction, Servotech offers a wide range of solar products designed to meet the needs of both individuals and businesses. The company's collaboration with DISCOMs across various states will play a vital role in accelerating India's transition to renewable energy and supporting the country's long-term sustainability goals.

Servotech Power Systems Ltd, listed on the National Stock Exchange (NSE), is a leading manufacturer of electric vehicle chargers, solar solutions, and power-backup systems. With over 20 years of experience in electronics, the company has established itself as a trusted brand in the industry. Servotech's AC and DC charging solutions cater to both commercial and domestic markets, ensuring compatibility with a wide range of electric vehicles.