This Stock Hits Record High After Fresh Budget Proposals To Boost EV Ecosystem

Servotech share price today opened upside at Rs 99.75 apiece and went on to touch an intraday high of Rs 100 per share, which is a new 52-week high for the energy stock. While climbing to this new 52-week high, Servotech share price surged to the tune of 5 per cent during Friday deals. Shares also witnessed strong buying in early morning deals on the post-budget session.

FM said in her Budget 2024 speech on Thursday that, "Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism."

Servotch shares are rising due to the fresh budget proposals under the Electric Vehicle (EV) Ecosystem. As Servotech Power Systems Ltd is one of the limited listed companies that work on EV theme, the market is buying this energy stock expecting long-term benefits for the company.

Earlier this week, Servotech Power Systems bagged a major order of 1800 DC Fast EV chargers from Bharat Petroleum Corporation (BPCL). The project valued at Rs 120 Crores will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation.

Servotech Power Systems is in the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.