The company’s shares have generated an impressive return of 220% within six months.
Servotech Power Systems Ltd. (SPSL), a prominent manufacturer of electric vehicle (EV) chargers in India, has announced that the company has signed two Memorandums of Understanding (MOUs) with the Indian Institute of Technology Roorkee (IIT Roorkee).
The first MOU is aimed at developing cutting-edge rectifier units for CCS2 chargers, whereas the rectifier unit, a vital component of CCS2 chargers, is currently being imported. This collaborative effort is set to bolster domestic manufacturing capabilities and stimulate the growth of the domestic EV industry.
On the other hand, the second MOU is for onboard EV chargers designed for two, three, and four-wheeled vehicles. The onboard charger for electric vehicles is a compact and lightweight charging solution that can be directly mounted on two, three, and four-wheelers.
According to the company, this eliminates the need for a separate charger and enhances the overall convenience and user-friendliness of electric vehicles. The onboard charger developed as a result of this collaboration is expected to position Servotech as a leading Original Equipment Manufacturer (OEM) supplier in the electric vehicle charger market segment.
On this occasion, Raman Bhatia, Managing Director of Servotech Power Systems, stated, 'The market for chargers designed for two, three, and four-wheelers in India represents a significant, yet untapped territory. With an influx of Chinese components currently dominating the market, Servotech aims to position itself as the leading OEM supplier of onboard chargers specifically tailored for Indian electric vehicles. The company will now manufacture high-quality onboard chargers. This development underscores our commitment to realizing the ‘Make in India’ concept in its truest sense for the adoption of sustainable technologies in the EV ecosystem. Furthermore, our collaboration with an esteemed organization like IIT Roorkee plays a pivotal role in reinforcing our goal of making India self-reliant and establishing Servotech as a leading global player in the EV industry.
Servotech Power Systems Limited develops technology-enabled EV charging solutions, leveraging over two decades of experience and expertise in the electronics industry. The company provides an extensive range of AC and DC chargers that are compatible with various types of EVs and serve a wide range of applications, including commercial and residential use.
The company’s shares closed the day at Rs 79.20 per share, marking a significant price decline of 4.98% on the NSE. However, the stock has generated an impressive multibagger return of 365% in the past one year.
Investors must keep this stock on their radar.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.