Shares of Savita Oil Technologies surged more than 16% on October 17 to hit a 52-week high after the company announced the commissioning of a new manufacturing plant in Maharashtra.

In an exchange filing on Monday, the company said that it successfully commissioned a synthetic ester plant at its Mahad facility. The multipurpose plant is designed to manufacture synthetic esters for transformer fluid applications. The plant will be able to produce synthetic esters for high-performance automotive and industrial lubricants.

The commissioning of this innovative plant makes Savita Oil Technologies the world’s first company to manufacture and market mineral oil, natural ester and synthetic ester-based transformer fluids.

The company said synthetic esters have remarkably high thermal stability and excellent dielectric properties, making them the preferred choice for electric vehicle (EV) coolants, immersion cooling of batteries, and data centre cooling fluids. The company plans to introduce a new line of EV coolants and immersion cooling fluids based on the esters produced at this facility. 

At 03:15 pm, shares of Savita Oil Technologies were trading at Rs 362.40, up 8.80% from the previous closing price on the National Stock Exchange (NSE). The scrip reached a 52-week high of Rs 389 during the early trading hours.