Servotech Power Systems Ltd’s shares hit a 5% upper circuit during the noon trading hours on Friday after the EV chargers manufacturer announced bagging orders worth Rs 102 crore for nearly 1500 DC EV chargers from several original equipment manufacturers (OEMs). 

Servotech Power’s shares opened flat but hit an intraday high of Rs 97.80, 5% higher than its previous closing price on the National Stock Exchange (NSE) after the news was announced. The stock closed 4.56% higher at Rs 97.40. 

In an exchange filing on February 23, Servotech Power stated that it has bagged a Rs 102 crore order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. 

The order from HPCL includes manufacturing, supplying and installing DC EV chargers at HPCL’s retail outlets nationwide. Further, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. The order involves two charger variants with 60 kW and 120 kW capacities.

Director Sarika Bhatia of Servotech Power Systems said the company is committed to scaling up and fast-forwarding the transition to a sustainable future. She added that they are confident that their fast EV chargers will help improve availability and facilitate navigation.

On February 7, Servotech signed a contract with Adani Total Energies E-Mobility (ATEL) to manufacture, supply and install AC EV chargers at different airports and other locations.