NSE listed stock, Servotech Renewable is volatile since yesterday; today too it’s the same, oscillating between green and red. The stock, which had closed yesterday at Rs.156.04, opened higher today Rs.160 and even rose to an intraday high at Rs.162.40; profit booking at this level has now pushed the stock into the red, trading 5.5% lower at Rs.150.50.

The stock rose on news that the promoter raised his stake in the company by converting share warrants into equity shares.

The promoter, Raman Bhatia has decided to convert 5 lakh share warrants into 5 lakh equity shares which will be worth Rs.3.12 crore. Another non-promoter, Rakhee Mahesh Vaze, is converting one lakh warrants into one lakh equity shares worth Rs.62.55 lakh. The equity shares, with a face value of Re 1 each, were issued at an issue price of Rs.83.40 per share,  including a premium of Rs 82.40 per share.

The conversion was based on the receipt of Rs 3,75,30,000 from the allottees, representing 75 per cent of the issue price per warrant, upon exercising their conversion rights following the provisions of SEBI (ICDR) Regulations, 2018.

The company also posted its Q3FY25 earnings:

• Total Revenue grew 315% at Rs. 217 crore.
• EBITDA increased by 420% to Rs.3 crore
• PBT stood at Rs.13 crore, up 590%.
• PAT stood at Rs.8 crore, up 617%.

The company is a market leader in India's EV charging sector, currently holding a 35-40 per cent market share and the company said that it is strategically positioned to capture 50-55 per cent by manufacturing 12,000 DC fast chargers in FY25.