So far this year, the scrip has given a positive return of 377.76 per cent. In the last one year, the counter has given a positive return of 384.95 per cent.
Stock Market News: Shares of Electrical Equipment company Servotech Power Systems Limited jumped over 2.56 in early trade on Thursday i.e. December 7. The scrip opened at Rs 78 today. It was trading at Rs 77.25 at the time of writing the report. The jump in share price came after the announced that it had filed two patents for Innovative EV Charger Technology to revolutionize EV charging infrastructure.
According to the company, these patents will transform the EV charging infrastructure.
“These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72v/96VDC through a CCS2 connector using a small additional gadget. These two patents will transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem,” the company said in a regulatory filing.
Earlier, the company had filed two patents intending to facilitate grid service optimization through a battery energy storage system and to effectively channel renewable energy into BESS (Battery Energy Storage System) for maximum value, enabling the transition to sustainable energy.
Meanwhile, the company has reported a more than three-fold increase in net profit in the second quarter at Rs 3.12 crore. The Delhi-based company has reported a net profit of Rs 78 lakh during the same quarter period of the preceding 2022-23 fiscal.
Servotech is a leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions. The company recently 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.
So far this year, the scrip has given a positive return of 377.76 per cent. In the last one year, the counter has given a positive return of 384.95 per cent.