EV stock jumps 4% despite flat trend in the Indian stock market. Here's why
The action in shares came after the company announced that it had received an order from Bengaluru International Airport Limited (BIAL) to install an EV charging station with 10 ultra-fast DC EV chargers of 240 kW each at Kempegowda International Airport, Bengaluru, for airside EV operations.
The charging hub, according to the company, will boast 10 ultra-fast DC EV chargers of 240 kW with a combined installed capacity of 2.4 MW. This positions the installation as the first and biggest of its kind EV charging hub for airside EV operations in an Indian airport, enabling fast turnaround times and significantly enhancing the airport's e-transport operational efficiency.
"As part of the initiative, the charging station will be strategically located within the airport premises to charge electric buses used for passenger transport between terminals and aircraft and facilitate 24/7 airside EV operations, further contributing to the reduction of the airport's transport carbon emissions," the company said in Monday's exchange filing.
Servotech Renewable Power System's share price has been buzzing on the Indian stock market following a series of order wins and stellar performance in the March quarter. The stock has ended the last month with a rally of 19%, marking the biggest monthly gain in the last 9 months.
Though the stock has attracted the bulls in recent weeks, it is still trading 28% lower than its recent high of ₹ 205.40 apiece.
Looking at the long-term performance, the stock has delivered multibagger returns in each of the last 5 years, with CY23 standing out year as it delivered a return of 382%, followed by another 117% gain in the next year, positioning it among the one of the biggest wealth creators Indian stock market.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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