Shakti Pumps Surges on ₹93 Crore Order from Maharashtra

15 Mar 2024 , 01:44 PM

Following the receipt of a work order valued at ₹93 Crore, Shakti Pumps (India) shares were trapped at the 5% upper circuit in early trading on March 15.

Shakti Pumps (India) was locked at the upper circuit on the BSE at ₹1,281.55, up ₹61, at 13:00 p.m. 3,221 shares had pending buy orders, but no sellers were available.

“The company has received the Letter of Award from the Maharashtra Energy Department Agency (MEDA) for 3,500 solar photovoltaic water pumping systems (SPWPS) at various locations across the state under Component‐B of PM‐KUSUM scheme,” the business stated.

Design, production, supply, transportation, installation, testing, and commissioning are all included in the order, which must be finished within 120 days of the work order being issued.

The Haryana Renewable Energy Department (HAREDA) issued the company’s fourth work order under the KUSUM-3 scheme on March 13. The order, which is valued at about ₹73.32 Crores (including of GST), is for 2,130 pumps.

On February 24, the business received the third work order from HAREDA for 2,443 pumps valued at ₹84.30 Crores (GST included) under the KUSUM-3 plan.

In February 2024, the share reached a 52-week high of ₹1,599.50, while on March 27, 2023, it reached a 52-week low of ₹388.70. The stock is currently trading 229.7% above its 52-week low and 19.88% below its 52-week high.

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