Shares of Servotech Power Systems surged and hit a 5% upper circuit on 8 October after the company announced that it had received an additional order to set up nine electric vehicle (EV) charging stations in Maharashtra.

A prominent player in the EV charging and solar solutions sector said in an exchange filing that it has secured an order from the Nashik Municipal Corporation (NMC). It will increase the total number of EV charging stations set up by the company in the state to 29.

This most recent order, the business said in a statement on Monday, follows a previous project that was approved by the NMC and called for the construction of 20 EV charging stations across Nashik. The purpose of the expanded infrastructure is to accommodate the increasing demand for dependable and user-friendly EV charging choices in the area.

Sarika Bhatia, director of Servotech Power Systems, said, “This additional order comes at a time when the need for a robust EV charging network is critical to supporting both intercity and interstate travel. It will help us cater to the growing demand for clean and efficient energy solutions.”

Leading the way in the creation of cutting-edge technology-enabled EV charging solutions is Servotech Power Systems. Its persistent emphasis on offering environmentally friendly energy solutions demonstrates its dedication to creating an atmosphere that will support the expansion of electric transportation in India.
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At 11:32 am, the shares of Servotech Power were locked 5% higher at Rs 178.95 on NSE. 

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