The agreement between home-grown Servotech and France-based Watt & Well aims to design, manufacture and sell EV charger components in India.
Share of renewable energy company and EV charger maker Servotech gained around 5 per cent on Thursday as the company announced a partnership with France-based Watt & Well for the development and manufacturing of EV charger components in India.
The counter opened in green at Rs 124.78, a gain of over 2 per cent against the previous close of Rs 121.33. However, the stock fell and touched a low of Rs 120.50. But it rebounded and touched the high of Rs 126.97 – a gain of 4.64 per cent from the closing price of the last trading session.
The counter is trading higher than 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages.
The 52-week high of the stock is Rs 205.40 and the 52-week low is Rs 73.50. The market cap of the company is Rs 2,784.36 crore.
The surge in the price comes even as benchmark indices Sensex and Nifty traded in red on Thursday amid fresh tariff threats and weak Asian markets.
The 30-share BSE benchmark Sensex dropped 393.01 points to 75,546.17 in early trade. The NSE Nifty declined 118.95 points to 22,813.95.
Watt & Well specialises in power electronics equipment across aerospace, oil and gas, renewables, and e-mobility sectors.
Development and manufacturing of EV charger components
The agreement between home-grown Servotech and France-based Watt & Well aims to design, manufacture and sell EV charger components in India.
Under the pact, Servotech said it will manufacture power modules in India to achieve the ‘Make in India’ mission, while Watt & Well will provide technical support.
Servotech will have the exclusive right to market and sell these components in India.
The collaboration will initially focus on developing a 30 kW power module for use in the Indian EV charging market.
The companies will also jointly assess the viability and process for the production of a bidirectional power module for V2G (vehicle-to-grid) applications.
