Shakti Pumps Surges 8% as Haryana Renewable Energy Department Awards Rs 258 Crore Order

29 Dec 2023 , 11:10 AM

Shakti Pumps (India) witnessed an intraday surge of over 8 % on December 29 following the receipt of a new order from the Haryana Renewable Energy Department (HAREDA).

The company confirmed the receipt of a second work order under the KUSUM‐3 scheme from HAREDA, encompassing 6,408 pumps.

The total value of the work order amounts to approximately Rs 258 crore (inclusive of GST). The order pertains to the supply, installation, and commissioning of solar water pumping systems to be completed within 90 days from the date of the work order’s issuance.

In November, the Securities and Exchange Board of India (SEBI) granted an exemption to Shakti Pumps promoters for the transfer of shares to three trusts, citing that the transaction would not alter management control, and the promoters’ holding would remain at 56.22 %.

Additionally, in November, the company received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps across Maharashtra under Component-B of the PM-KUSUM scheme (Phase-III).

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