Servotech Power Systems hit 5% upper circuit on securing order from UP govt

The shares of Servotech Power Systems Limited hit the 5% upper circuit to trade at ₹169.41 on Monday as the company won an order for 1,100 grid-connected agricultural pumps from the Uttar Pradesh government.

The order was placed under the “Kusum Component C-1 Scheme” by Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA), government of Uttar Pradesh. The order value is approximately ₹31 crores and includes manufacturing, supply, installation, testing and commissioning of 1,100 grid-connected pumps along with solar power plants.

In an official statement, the company said, “This project will be a huge step towards solarising farming of Uttar Pradesh and driving India closer to being a solar-powered nation.”

The order also entails comprehensive warranty maintenance for the next 5 years for the pumps ranging from 2 HP, 3HP, and 5HP and solar power plant with capacities of 3 kW, 4.5 kW, and 7.5 kW. This will be applicable for 1,094 solar pumps across the state and will contribute to the state’s renewable energy goals.

Servotech Power Systems Limited specialises in the manufacturing of energy-efficient lighting solutions for residential, industrial, and commercial applications. Its product range includes LED light bulbs, floodlights, downlights, panel lights, bay lights, tube lights, and outdoor lighting solutions like street lights.

At close on Monday, the shares of Servotech Power Systems Limited were trading 4.88% higher at ₹169.23 per share as compared to the previous close of ₹161.35 per share on the National Stock Exchange (NSE).

Summary: 

The shares of Servotech Power Systems hit the 5% upper circuit on Monday on winning an order for 1,100 grid-connected agricultural pumps from the Uttar Pradesh government.