Shares of Servotech Power Systems were locked on a 5% upper circuit during the early trading hours on 23 November after the company announced securing an order for EV chargers from BPCL (Bharat Petroleum Corporation Limited).

In its exchange filing, the company said, “The company will be responsible for manufacturing, supplying and installing 2649 AC EV chargers strategically across the nation, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.”

For this project, the range of Electric Vehicle (EV) chargers includes 3 kilowatts and 7 kilowatts. The manufacturing and production of these chargers have begun, and the supply of these will commence on 15 December. The complete order is to be executed within 3 months.

The company added, “Servotech Power Systems will oversee the installation, commissioning, and upkeep of AC EV chargers and this initiative aims to establish e-mobility touchpoints that streamline transactions, enhance availability, facilitate discovery, and simplify navigation for EV users, ensuring convenient access to the EV charging network.”

Earlier, the company had installed and supplied 800 units of 30 kilowatt DC fast EV chargers to BPCL at different locations across India.

Sarika Bhatia, Director of Servotech Power Systems, said, “Implementing these chargers will not only enhance the convenience of EV charging but will also contribute significantly to reducing the carbon footprint associated with transportation.”

At 1:10 pm, the shares of Servotech Power Systems were trading 3.52% higher at Rs 78 on NSE.