Shares of Servotech Renewable Power System Ltd surged 5%, hitting a day’s high of Rs 126.97 on 20th February after the company signed an agreement with France-based Watt & Well SAS to design, manufacture, and sell EV charger components in India.

Watt & Well specialises in power electronics across aerospace, oil & gas, renewables, and e-mobility sectors.

The partnership will first focus on a 30kW Power Module for India’s EV charging market, with plans to develop a bidirectional power module for vehicle-to-grid (V2G) applications.

Servotech will manufacture these power modules under the ‘Make in India’ initiative, while Watt & Well will provide technical expertise. Servotech will also have exclusive rights to sell them in India.

Servotech MD Raman Bhatia said the partnership will boost local EV charger production and reduce import reliance. Watt & Well CEO Benoit Schmitt added that strengthening supply chains will help accelerate EV adoption.

The company’s net profit surged to nearly Rs 8 crore in the December quarter, up from Rs 1.11 crore a year ago, driven by strong revenue growth.

Total revenue rose four times to Rs 216.83 crore, while expenses increased to Rs 204 crore from Rs 50.34 crore. The company saw strong growth in EV charging and solar solutions.

At 11:51 AM, the shares of Servotech Renewable were trading 2.03% higher at Rs 123.79 on NSE.

Wondering About Servotech Renewable? The Analyst Has Answers.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!