Shakti Pumps surges 5% on securing Rs 93-cr Maharashtra order

Shakti Pumps (India) witnessed a surge of 5% in early trade on March 15, following the announcement of securing a significant Rs 93-crore work order. At 9:22 am, the stock was trading at Rs 1,281.55, up Rs 61 on the BSE, with buy orders outnumbering sellers.

The company disclosed that it had received a Letter of Award from the Maharashtra Energy Department Agency (MEDA) for the implementation of 3,500 solar photovoltaic water pumping systems (SPWPS) across various locations in the state under Component B of the PM KUSUM scheme. The scope of work includes design, manufacture, supply, transport, installation, testing, and commissioning, with a stipulated completion period of 120 days from the date of issue of the work order.

This recent development follows the company’s previous successes, including the acquisition of the fourth work order under the KUSUM 3 scheme from Haryana Renewable Energy Department (HAREDA) on March 13, encompassing 2,130 pumps valued at approximately Rs 73.32 crores (inclusive of GST). Additionally, on February 24, Shakti Pumps secured the third work order under the KUSUM 3 scheme from HAREDA, involving 2,443 pumps valued at Rs 84.30 crores (inclusive of GST).

Shakti Pumps has demonstrated robust performance, with its share price touching a 52-week high of Rs 1,599.50 and a 52-week low of Rs 388.70 on February 2, 2024, and March 27, 2023, respectively.

Presently, the stock is trading 19.88% below its 52-week high and 229.7% above its 52-week low.