India’s solar product industry is set to grow significantly in FY24-25, driven by increased government support and renewable energy targets. With investments exceeding $7 billion and capacity additions of over 20 GW, the sector aims to reduce carbon emissions and enhance energy security, solidifying India’s position in the global market.
With a market capitalization of Rs 2,750.64 crore, the shares of Servotech Power Systems Ltd were trading at Rs 123.40 per share, decreasing around 0.14 percent as compared to the previous closing price of Rs 123.57 apiece.
Reason explanation:-
The foreign institutional investors of the company increased their stake by 3.08%, from 2.45% in Q4FY24 to 5.53% in Q1FY25. Additionally, 34.77% is owned by retail investors, 0% is held by domestic institutional investors, and 59.70% is owned by promoters.
PM Suryaghar Muft Bijili Yojana under Budget 2024-25
Finance Minister Nirmala Sitharaman has announced the Union Budget for 2024-25, in which she launched PM Suryaghar Muft Bijili Yojana to install rooftop solar panels to enable 1 crore households to obtain free electricity up to 300 units each month.
Finance Minister also added solar energy and energy transition are critical to the fight against climate change. To support the energy transition, the government proposes to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country.
Manufacturing capacity & footprint:-
Servotech Power has over 20 years of expertise in manufacturing power electronics products with a manufacturing capacity of 30,000 AC EV Chargers and 12,000 DC EV chargers per year and this State-of-the-art manufacturing facility spanning over 55,000 sq. ft. in Haryana.
The company has a strong supply chain network with a presence in over 600 cities across more than 21 Indian States. Servotech Power Systems Ltd has Marquee clientele comprising BPCL, IOCL, HPCL, Nayara Energy, and others.
Industry overview:-
In the solar Industry, the total installed renewable power generating capacity has reached 31% (134 GW). Solar has reached 73 GW, accounting for around 55% of the total renewable capacity of 134 GW. The installed capacity of 73 GW provides a large possibility for expansion over the following 7 years to meet the aim of 280 GW by 2030, or an average of 30 GW each year.
Company snapshot:-
Servotech Power Systems Limited manufactures and distributes sophisticated solar goods, medical gadgets, and energy-efficient lighting solutions. The company has installed solar panels for battery charging and photovoltaic (PV) ports across several projects.
Written by:- Abhishek Singh
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