2023-12-07 12:07:37
Foreign investors show confidence in Servotech Power Systems with 80 lakh share buy
Foreign investors have shown confidence in Servotech Power Systems by purchasing around 80 lakh shares in the company, a microcap penny stock that has seen exponential growth in the past year. The stock has given multipacker returns, with a 400 percent rise in the past year and a staggering gain of 3,480 percent in the past three years.
The recent surge of interest from foreign investors has been attributed to the company’s recent orders and significant growth in share price. FIIs were allotted 80,00,000 shares at Rs 83.40 per share, raising Rs 66.72 crore. Coeus Global Opportunities Fund, Eminence Global Fund, AG Dynamics Fund, Minerva Ventures Fund, and Forbes EMF were among the foreign investors that purchased a significant number of shares, while five individual investors also bought the remaining shares.
In addition to the foreign investment, Servotech Power Systems also received 2,649 AC EV charger orders from Bharat Petroleum Corporation Limited (BPCL). The company is responsible for manufacturing, supplying, and installing 2649 AC EV chargers across the country. This leading role in the widespread implementation of EV charging solutions has contributed to the growing interest in the company.
The range of EV chargers for this project includes 3 kW and 7 kW. Manufacturing and production of the AC chargers have already started, and delivery of the chargers is expected to be completed within three months starting from December 15, 2023. Servotech Power Systems is engaged in manufacturing power systems, LED lighting solutions, UPS systems, inverters, and batteries, and currently boasts a market cap of over Rs 1,600 crore.
At the time of writing, Servotech Power Systems Ltd shares are trading at Rs 77.50, up 1.91%. Industry analysts suggest that the stock price is predicted to reach a certain high in the coming times due to the high foreign investments and recent business developments.
It is important to note that this article is for informational purposes only and is not intended as investment advice. As always, it is advised to conduct thorough research and seek professional advice before making any investment decisions.
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