Another pact with the premier institute aims to develop rectifier units that find applications through imports, SPSL said in a statement.
Stock Market News: Servotech Power Systems, a Delhi-based EV charger maker, has been one of those small-cap stocks on Dalal Street that has given an outstanding return to its shareholders in recent times. The NSE-listed stock has rose from around Rs 16 to Rs 79 apiece levels, delivering 389 per cent return to its shareholders since January 1, 2023. On Thursday, the stock traded higher by more than 3 per cent at Rs 81.90 after the company informed exchanges that it has inked an agreement with IIT-Roorkee to develop onboard e-chargers for battery-operated two, three and four-wheelers.
Another pact with the premier institute aims to develop rectifier units that find applications through imports, SPSL said in a statement.
”SPSL has signed two memorandums of understanding (MoUs) with IIT Roorkee to develop state-of-the-art rectifier units for CCS2 chargers and onboard EV chargers for two, three and four-wheelers,” the company said in a statement on NSE.
”The company will now be manufacturing high-quality onboard chargers. This development strengthens our commitment towards making Make in India,” Raman Bhatia, Servotech Power Systems MD said.
NSE-listed Servotech Power Systems Ltd (SPSL) Servotech Power Systems is a leading manufacturer of EV chargers, solar products and other items. In August, it had signed an agreement with the UP 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.