Multibagger Stock Up 370% in 1-Yr Locked at 5% Upper Circuit

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Multibagger Stock Up 370% in 1-Yr Locked at 5% Upper Circuit

By Malvika Gurung

Investing.com -- The electric vehicle (EV) chargers manufacturer stock Servotech Power Systems Ltd (NS: SERO ) is under focus in Friday’s intraday session, as the company’s shares have been locked in a 5% upper circuit at Rs 97.8 apiece. The stock opened at Rs 93.15 apiece in the session, later hitting its upper circuit.

The major driver for this hit in stock ceiling is the company securing an order worth Rs 102 crore from the state-owned Maharatna Hindustan Petroleum (NS: HPCL ) Corporation Limited (HPCL) and other EV charger original equipment manufacturers (OEMs).

The significant order involves the manufacture, supply and installation of almost 1,500 DC fast EV chargers, with two charger variants of 60 kW and 120 kW.

As per the order details, Servotech will manufacture, supply and install DC EV chargers for HPCL nationwide, prioritizing deployment at the state-owned petroleum refinery’s retail outlets, in addition to manufacturing and supplying the remaining chargers to EV charger OEMs.

Servotech Power Systems is a small-cap company with a market capitalization of Rs 2,080 crore, and operating in the electrical components and equipments space.

Its shares have already gained 20% in a month’s time, and risen nearly 30% so far in the calendar year 2024. The stock has given breathtaking returns of over 371% to its investors over the past one year, and has skyrocketed close to 5,000% in three years.

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