118% return in 1 year: Solar stock hits upper circuit - Check details

Shares of Servotech Power Systems hit a 5 per cent upper circuit on Monday as as company announced the launch of new products in alignment with central government schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Scheme.

The counter opened at Rs 163 on the NSE with a gain of around 1.8 per cent from its previous close of Rs 160.17. The Servotech Power Systems share price gained further to touch the high of Rs 168.17, up 5 per cent over the previous close.

The stock has given a multibagger return of over 118 per cent in one year to its investors. On a YTD basis, the counter has given a positive return of around 117 per cent.

The surge in share price also comes on a day equity markets rebounded in early trade on Monday, driven by buying in the stock of blue-chip ICICI Bank, firm trends in Asian peers and continuous buying by domestic institutional investors.

The BSE Sensex jumped 462.45 points to 79,864.74 in early trade. The NSE Nifty climbed 112.1 points to 24,292.90.

From the 30 Sensex pack, ICICI Bank climbed nearly 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024.

State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints and Hindustan Unilever were the other big gainers from the pack.

JSW Steel, Larsen & Toubro, Power Grid and ITC were among the laggards.

In Asian markets, Seoul, Tokyo and Shanghai were trading higher, while Hong Kong quoted lower. The US markets ended on a mixed note on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data.