Listed on the National Stock Exchange (NSE), Servotech shares on Monday gained in-line with the market to close at Rs 77.25.
Stock Market News: The EV industry is contributing to the economy’s overall growth. The shift towards EVs presents a significant opportunity to reduce carbon footprint and also create new employment opportunities. Earlier this year, Union Finance Minister Nirmala Sitharaman in the Economic Survey said that India’s domestic market EVs is expected to grow at a compounded annual growth rate of 49 percent between 2022 and 2030 and is expected to hit one crore units in annual sales by 2030.
With the government acknowledging that the automotive industry is expected to play a critical role in the transition towards green energy, Delhi-based EV charger maker Servotech Power Systems has posted a three-fold jump in net profit the second quarter at Rs 3.12 crore. It had reported a net profit of Rs 78 lakh during the same quarter period of preceding 2022-23 fiscal.
The revenue more than doubled to Rs 86.59 crore from Rs 40.24 crore in the same quarter a year ago.
Listed on the National Stock Exchange (NSE), Servotech shares on Monday gained in-line with the market to close at Rs 77.25.
Servotech is a Delhi-based manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions. In August, it had signed an agreement with the Uttar Pradesh government to set up an EV charger manufacturing plant in the state at an investment of Rs 300 crore under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.
Meanwhile, Union Power and New & Renewable Energy Minister RK Singh recently said that the government is coming out with another production-linked incentive (PLI) scheme for batteries, according to a PTI report. The move will cut costs and boost the adoption of electric vehicles (EVs).