Servotech Power Systems Ltd shares rallied nearly 4% on Friday after the company announced that it received an order worth ₹111 crore from
Indian Oil Corporation Ltd (IOCL) along with other electric vehicle (EV) charger OEMs.
In a filing to the stock exchanges on March 1, the company said that it has won an order for 1,500 DC fast EV chargers from IOCL and EV charger OEMs, which involves two charger variants with capacities of 60 kW and 120 kW.
The order from HPCL involves manufacturing, supply and installation of DC EV chargers across the country while prioritising the deployment of these chargers at Indian Oil petrol pumps, as per the official release.
Servotech will also manufacture and supply the remaining chargers to EV charger Original Equipment Manufacturers (OEMs), while also promoting decarbonised mobility. The order will cater to the evolving needs of the electric vehicle charging infrastructure.
After the announcement, the stock gained as much as 3.72% to a high of ₹103 per piece on NSE, less than ₹6 from its 52-week high of ₹108.7 per share touched on February 6, 2024.
“We are honoured to contribute to India's E-Mobility revolution alongside major oil marketing companies like IOCL, HPCL, and BPCL. Together, we are committed to accelerating the transition to a sustainable future. It's a source of pride that these industry leaders have chosen us based on our manufacturing capabilities and quality-conscious EV chargers,” the Director of Servotech Power Systems, Sarika Bhatia said on Friday.
The total number of EV charger orders bagged by the company from OMCs and number of EV charger orders total 4700 units, thereby taking the overall value of combined orders at ₹333 crore.
Shares of Servotech Power Systems were trading 2.11% higher at ₹101.4 apiece on the NSE at 1:51 PM.
(Edited by : Ajay Vaishnav)
