Earlier, the company inked a pact with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) to boost adoption of solar energy across India.
Mumbai: Shares of Servotech Renewable Power System gained on Tuesday after the company shared details about the formation of its new subsidiary. The counter opened in green at Rs 129.50 on the National Stock Exchange (NSE) against the previous close of Rs 128.45. The scrip gained further to touch the intraday high of Rs 133, a jump of 2.7 per cent from the previous close.
The stock has a 52-week high of Rs 205.40 and a 52-week low of Rs 75.50. The market cap of the company is Rs 2,888 crore.
The company has informed that it has formed a wholly-owned subsidiary named Servotech Sports and Entertainment Pvt Ltd, which will work in the business related to the operation and promotion of sports, players, franchises and leagues.
Signs Pact With CIMSME
Earlier, the company inked a pact with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) to boost adoption of solar energy across India.
Under the PM Surya Ghar Muft Bijli Yojana, they aim to install 100,000 solar rooftop systems in homes by 2026, a statement said.
A key component of this initiative is the launch of a dedicated, user-friendly mobile application, developed by CIMSME in collaboration with Servotech.
This app simplifies the entire solar adoption process, offering homeowners a seamless experience from initial roof inspection and documentation to installation, system monitoring, and subsidy application assistance, the statement said.
To ensure efficient nationwide implementation, CIMSME will mobilise a network of approximately 30,000 individuals.
Operating on a PIN code basis, this dedicated workforce will facilitate sales, provide on-the-ground support, and oversee the installation process.
Servotech, which is already registered with 62 discoms (power distribution companies) across the country, will provide comprehensive end-to-end solar solutions, including the installation of Solar Photovoltaic Generation Systems (SPGS) ranging from 2kW to 10kW, tailored to meet diverse household energy needs.
With PTI inputs
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
