Shakti Pumps (India) witnessed a robust start to trading on March 15, with its shares locked at the 5% upper circuit limit following the company’s announcement of securing a substantial Rs 93-crore work order.
As of 9:22 am, Shakti Pumps (India) was quoting at Rs 1,281.55 on the BSE, reflecting an increase of Rs 61. The market saw pending buy orders of 3,221 shares, with no sellers available, indicative of strong investor interest in the stock.
The company disclosed that it has 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. This project falls under Component-B of the PM-KUSUM scheme.
Under the terms of the contract, Shakti Pumps (India) is responsible for the design, manufacture, supply, transport, installation, testing, and commissioning of the SPWPS. The project is slated for completion within 120 days from the issuance of the work order.
Adding to its series of successes, Shakti Pumps (India) secured yet another milestone on March 13 by clinching the fourth work order under the KUSUM‐3 scheme from the Haryana Renewable Energy Department (HAREDA). This latest contract entails the supply of 2,130 pumps, valued at approximately Rs 73.32 crores, inclusive of GST.
This achievement closely follows the company’s notable accomplishment on February 24, when it secured the third work order under the KUSUM‐3 scheme from HAREDA. This preceding contract involved the procurement of 2,443 pumps, with a total value of Rs 84.30 crores, inclusive of GST.
Despite market fluctuations, Shakti Pumps (India) has demonstrated commendable resilience, reaching 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 trades approximately 19.88% below its 52-week high, showcasing its enduring strength and continued growth trajectory.
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