Shakti Pumps Zoomed 5% On Securing Rs 93 Crore Order from MEDA – EQ
In Short : Shakti Pumps surged 5% following its acquisition of a Rs 93 crore order from MEDA, signaling robust growth and market confidence in the company’s capabilities and market positioning within the renewable energy sector.
In Detail : Shares of Shakti Pumps (India) Ltd. saw a 5% increase during the early trading hours on March 15 after the company received a Rs 93 crore work order.
The Maharashtra Energy Department Agency (MEDA) issued the letter of award, and the work order is worth approximately Rs 93 crore. The company has 120 days from the date of the work order to complete the project.
The order is for the design, manufacture, supply, transport, installation, testing and commissioning of 3,500 solar photovoltaic water pumping systems (SPWPS) across Maharashtra under Component-B of the PM-KUSUM scheme.
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Additionally, on March 13, the Haryana Renewable Energy Department (HAREDA) issued a Rs 73.32-crore work order (inclusive of GST) for 2,130 pumps under the KUSUM-3 scheme.
This was the fourth work order that Shakti Pumps received under this scheme. On February 24, the company also received a work order worth Rs 84.30 crores (inclusive of GST) for 2,443 pumps under the same scheme.
Shakti Pumps (India) Limited has been a pioneer in manufacturing energy-efficient pumps and motors since 1982.
They provide renewable energy solutions primarily for agriculture. With over 1200 indigenously developed products, their portfolio caters to various applications like agriculture, irrigation, industrial, high-rise buildings, rural/urban water supply schemes, waste treatment, and more.
The company invests 3-4% of net profit towards Research & Development. They are one of the leading pump exporters in India, exporting to over 120 countries.
At 12:18 pm, the shares of Shakti Pumps were locked at a 5.00% upper circuit at Rs 1,279.65 on NSE.
