Servotech Power Systems’ shares hit an upper circuit during the trading session on Tuesday after the company announced that it had won a Rs 120 crore order from Bharat Petroleum Corporation Ltd (BPCL) for fast EV chargers. 

Servotech Power’s shares hit a 5% upper circuit in the first half of the day. The stock closed at an intraday high of Rs 86.30, 4.99% higher than its last closing price on the National Stock Exchange (NSE). 

According to the company’s filing with the NSE, it had received an order worth Rs 120 crore from the public sector unit BPCL for manufacturing, supplying, installing and strategically deploying 1800 DC (direct current) fast chargers for electric vehicles (EVs) at BPCL petrol pumps in major cities across the nation.

The project includes two charger variants, 60 kW and 120 kW and is expected to be completed by the end of 2024. 

Servotech added in the statement that this move will promote widespread EV charging infrastructure and establish e-mobility touchpoints, optimise transactions, improve availability, simplify discovery, and facilitate navigation for EV users as part of the BPCL E-drive Project.