Servotech Power Systems has entered into a partnership with Dubai-based Al Ansari Motors to provide electric vehicle (EV) charging solutions to the Middle Eastern and African markets.
The two entities have signed a sole distributorship agreement, which would see Al Ansari bring Servotech’s EV charging capabilities to the potential electric vehicle-adopting segment in the mentioned markets, Servotech Power said. Al Ansari Motors LLC is involved in motor vehicles and accessories trading, it added.
Raman Bhatia, Founder and MD of Servotech Power said, “The Middle East and Africa present a huge untapped market potential and a sea of potential electric vehicle users. Each charging point installed under the pact will be accessible to all electric four-wheelers.”
The partnership aims to create an EV charging infrastructure while offering a path for future developments with cutting-edge technology and faster charging speeds.
Servotech Power’s stock fell today, halting its upward run of three consecutive sessions. The multibagger stock slipped 1.83 per cent to close at Rs 40.20 over its previous close of Rs 40.95. In terms of stock value, the scrip has zoomed 697.62 per cent in five years and 91.52 per cent in the past year.
Recently, Servotech Power informed NSE that shares traded ex-stock split or sub-division of its equity shares in the 1:5 ratio. Each share of the company with a face value of Rs 10 was divided into five equity shares of Rs 2 each, the company said in the filing.
The company’s net profit jumped over 260 per cent to Rs 3.87 crore in December 2022 (Q3 FY23) against Rs 1.07 crore in the same period a year ago. It reported a 101 per cent rise in revenue from net sales, at Rs 83.27 crore, in Q3 FY23 compared to Rs 41.41 crore in Q3 FY22.
On the technical front, AR Ramachandran from Tips2trades said, “Servotech Power looks weak and has strong resistance at Rs 43 on the daily charts. A close below a support level of Rs 39 could trigger a fall toward Rs 36 as well.”
The counter was last seen trading higher than 5-day, 50-, 100- and 200-day moving averages but lower than 20-day moving averages.
Incorporated in 1998, Servotech Power is a producer and supplier of solar, EV chargers, LED, UVC, and medical-grade products.
Meanwhile, Indian equity benchmarks plunged sharply in late deals today, dragged by banks, financial, technology and energy stocks. The 30-share BSE Sensex pack dived 907 points or 1.49 per cent to settle at 59,766; while the broader NSE Nifty index moved 272 points or 1.53 per cent down to close at 17,554.
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