Shares of this smallcap renewable energy stock rise for 5th straight session; here's why

Shares of this smallcap renewable energy stock rise for 5th straight session.

Shares of a smallcap renewable energy stock advanced for the 5th straight session in Thursday's trading session, after it announced a new partnership.

Shares of Servotech rose nearly 12 percent which specialises in providing a range of AC and DC chargers for both commercial and domestic uses in the last five sessions.

The rise in share price was seen after the company announced a partnership with Zhuhai Piwin New Energy.

The company in a stock exchange filing, said "Servotech Renewable Power System Limited has entered into an exclusive strategic partnership with Zhuhai Piwin New Energy Co., Ltd. (Pilot Group), China. The collaboration will focus on technology support and local manufacturing of advanced Battery Energy Storage Systems (BESS) in India, fully aligned with the Government’s ‘Make in India’ mission."

In Thursday's trade, the shares of the company were trading nearly 1 percent higher at Rs 138.81 per share on the NSE, up 0.81 percent.

Earlier, the company posted a two-fold rise in net profit to Rs 7.71 crore in the March quarter, driven by higher revenues.

(PTI Inputs)

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