In a significant move signaling Adani Group’s entry into the electric vehicle (EV) sector, Adani Total Energies e-Mobility has joined hands with Servotech Power Systems, a leading charging solutions provider. The collaboration aims to revolutionize EV charging infrastructure in India, starting with the installation of AC EV chargers at airports and various locations.
Servotech Power Systems will play a crucial role in manufacturing, supplying, and installing the EV chargers, with a broader vision of creating a user-friendly e-transportation hub. The strategic partnership seeks to simplify navigation for EV users, enhancing the overall experience and accessibility of electric vehicles.
Despite the promising collaboration, Servotech Power Systems faced a challenging day in the stock market. On Wednesday, heavy selling led to a significant drop in the stock’s value, closing at Rs 97.25 on the NSE. The stock had previously reached a 52-week high of Rs 108.70 on February 6 but encountered a lower circuit of 5 percent during the recent sell-off.
Brokerage firm Prabhudas Lilladher, however, remains optimistic about the future of Servotech shares. Despite the recent setback, the firm believes that the stock has a strong base at ₹88 and has the potential to reach ₹112 per share if it decisively crosses the current hurdle at ₹100. Investors are advised to exercise caution and consider placing a stop loss at ₹88.
It’s crucial to emphasize that the information provided here is not intended as investment advice. Instead, it serves as an overview of the stock’s recent performance and includes expert opinions. Investors are strongly encouraged to exercise discretion and conduct thorough research before making any investment decisions.
