Servotech Power Systems Bags Additional Order For 9 EV Charging Stations In Maharashtra

Servotech Power Systems on Monday said it has secured an additional order in Maharashtra to set up nine electric vehicle charging stations. With this, the total number of electric vehicle charging stations set up by the company will reach 29.

The additional orders have been secured from Nashik Municipal Corporation, the company said in a statement.

"Previously, the company had received an order from NMC which involved supplying, commissioning, and constructing 20 EV charging stations throughout the corporation area," it said.

This order will meet the growing need for convenient electric vehicle charging infrastructure and ensure consumers a clean energy supply for intercity and interstate travel, Sarika Bhatia, Director of Servotech Power Systems, said.

Servotech Power Systems is a listed entity that develops tech-enabled EV charging and solar solutions.

Shares of Servotech Power Systems closed 5% lower at to Rs 170.43 apiece, compared to 0.87% decline in the benchmark NSE Nifty 50 on Monday.

It has risen 131.88% in the last 12 months and 122.35% on a year-to-date basis. The total traded volume so far in the day stood at 2.04 times its 30-day average. The relative strength index was at 54.27.

No analyst were tracking the company as of Oct. 7.