Adani Group’s Mega Deal: Find Out Which Company Wins Big!
Market Downtrend
Servotech Power System’s shares experienced a significant drop of 4.99% today. This decline is particularly concerning as it follows heavy selling observed on Wednesday. The share’s closing price on the NSE was ₹97.25, hitting the lower circuit limit of 5%. Earlier, on February 6th, the share had reached its 52-week high at ₹108.70.
EV Charger Station
According to Servotech, there is anticipation that this year, an agreement will become a major source of large EV charger orders. The aim of this agreement is to establish convenient e-transportation hubs for users, streamline transactions, improve availability, facilitate discovery, and simplify ‘navigation’ for EV users.
Share Updates
On February 8th, with the market’s opening, the stock saw a decline again, bringing its price down to ₹92.40. The third trading day of the week witnessed heavy selling in Servotech’s shares, closing at ₹97.25 on the NSE with a 5% lower circuit applied. Previously, the share had touched its 52-week high of ₹108.70 on February 6th.
Servo Tech Power System & Adani Group Deal
Servo Tech Power System has partnered with a company of the Adani Group for the supply of EV chargers for electric vehicles. The company has signed an agreement with Adani Energy e-mobility.
It has been stated that Servotech Power Systems will be tasked with the manufacture, supply, and installation of AC EV Chargers at various airports and other locations.
Brokerage Recommendation
Recently, a brokerage provided a target price for Servotech Power Systems Limited’s shares. Shiju Koothuppalakkal from Prabhudas Lilladher mentioned, “Servotech shares have a strong base at ₹88 and are currently facing resistance at ₹100.
Successfully overcoming this hurdle could propel Servotech shares to a level of ₹112 per share. It is recommended to try purchasing at lower rates as a decline is observed.”
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