Servotech Power Systems share: Shares of Servotech Power Systems, a company that makes chargers for electric vehicles, saw a strong rise on Monday. The company’s shares are constantly in focus. Today it reached a new 52-week high. Shares of Servotech Power Systems rose 8% today to a high of Rs 186.70. The reason behind this rise in shares is the announcement of a new scheme by the government. In fact, on Wednesday, the government approved the PM E-Drive scheme to promote the use of electric vehicles like electric buses, ambulances and trucks.
What are the details of the plan
The PM e-Drive scheme will support 24.79 lakh electric two-wheelers, 3.16 lakh e-three-wheelers and 14,028 e-buses. The scheme proposes to install 22,100 fast chargers for electric four-wheelers, 1,800 fast chargers for e-buses and 48,400 fast chargers for electric two-wheelers. The outlay for the charging stations will be Rs 2,000 crore. The new scheme offers subsidy/demand incentives of Rs 3,679 crore for adoption of electric two-wheelers, electric three-wheelers, e-ambulances, e-trucks and other emerging electric vehicles (EVs).
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Condition of the company’s shares
The EV stock opened in the green at Rs 176.80 against the previous close of Rs 173. Strong buying was witnessed in the counter as it climbed to a new 52-week high of Rs 186.70. Shares of Servotech Power Systems are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock witnessed a surge in investor participation today and the 5-day average delivery volume jumped 96 per cent to 21.28 lakh from the previous session’s 5-day average.
(With agency input)
