Servotech Power Systems share: Solar and EV stock jumps 5% on this order update. Do you own? | Stock Market News
Source: Live Mint
Servotech Power Systems shares surged 4.99 per cent to ₹169.41 on the NSE during intraday trading on Monday, December 30. The boost came after the company secured a significant contract from the Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA) under the Kusum Component C-1 Scheme.
The ₹31 crore project involves the manufacturing, supply, installation, testing, and commissioning of 1,100 grid-connected agriculture pumps equipped with solar power plants. Servotech will also provide a five-year comprehensive warranty and maintenance service for pumps of varying capacities—2 HP, 3 HP, and 5 HP—with corresponding solar power setups of 3 kW, 4.5 kW, and 7.5 kW. These installations, covering a total of 1,094 solar pumps, aim to bolster Uttar Pradesh’s renewable energy infrastructure.
“This project will be a huge step towards solarising farming of Uttar Pradesh and driving India closer to being a solar-powered nation,” the company stated.
Servotech Power Systems financial performance
In financial performance, Servotech Power Systems demonstrated impressive growth during the September quarter of FY24-25. Consolidated net profit surged to ₹11.24 crore, a more than threefold increase from ₹3.12 crore in the same quarter last year. The company’s total income more than doubled, reaching ₹200.06 crore compared to ₹86.59 crore in the prior period.
For the half-year period from April to September, net profit rose to ₹15.73 crore, compared to ₹7.23 crore in the corresponding period of the previous year.
By late morning, Servotech’s stock price had gained 4.86 per cent to ₹169.19, outpacing the NSE’s Nifty 50 index, which rose 0.33% to 23,891.85.
Servotech Power Systems specialises in energy-efficient lighting and renewable energy solutions, including LED lights for various applications and outdoor solar lighting systems. The company’s diverse portfolio supports both residential and commercial markets, reflecting its commitment to sustainable and innovative energy solutions.
Servotech Renewable, earlier this month, signed a deal with Germany-based LESSzwei GmbH (Less2) to develop and deploy solar-powered electric vehicle charging infrastructure in Germany. The initiative is supported by the German Federal Ministry for Economic Affairs and Climate Action.
