This renewable energy share gains even as markets tumble - Here's why
The stock hit its 52-week high of Rs 205.40 on September 26, 2024, and its 52-week low of Rs 84.88 on June 20, 2024. The market cap of the company is 3,129 crore.
Shares of NSE-listed Servotech Renewable Power System Ltd gained on Monday, i.e. June 23, 2025, even as equity benchmark indices tumbled in early trade amid rising tensions in the Middle East after the United States bombed three major nuclear sites in Iran. The counter started the session flat at Rs 138.77 but gained to touch the high of Rs 142.34 on the NSE. Last seen, the counter was trading at Rs 139.18 with a gain of 0.30. The stock hit its 52-week high of Rs 205.40 on September 26, 2024, and its 52-week low of Rs 84.88 on June 20, 2024. The market cap of the company is 3,129 crore.
Company Shares Update On Acquisition
The shares are in action as the company has informed exchanges about an acquisition. In a strategic move, the company has acquired a 27 per cent stake in New Delhi-based PV Module manufacturer Rhine Solar Ltd. According to the company, the acquisition, which is worth Rs 12.15 crore, will help it strengthen its backwards integration capabilities.
"As per the agreement, the Company will acquire 27% of the shareholding in Rhine Solar Limited at a post-money valuation, thereby marking a strategic investment aimed at strengthening our backward integration capabilities," the company said in an exchange filing.
As part of the deal, the company will acquire 9,50,106 equity shares of the company at Rs 127.88 per share. The indicative time period for completion of the acquisition is 90 days.
Servotech Renewable Power System Share Price
Shares of Servotech Renewable Power System have gained 9 per cent in one month. However, the counter has corrected 18 per cent in the past six months. On a YTD (year-to-date) basis, the scrip has given a negative return of 17 per cent and has risen 62 per cent in one year.
Meanwhile, the company has posted a two-fold rise in net profit to Rs 7.71 crore in the quarter ending March 31.