Shakti Pumps surges over 9% after securing Rs 258 crore order

Shakti Pumps (India) Limited witnessed a significant surge in its share prices, climbing by 9.07 per cent intraday to Rs 1093.95 apiece on December 29, following the announcement of a substantial order from the Haryana Renewable Energy Department (HAREDA). The company revealed that it has secured the second work order under the KUSUM‐3 scheme from HAREDA, involving the supply, installation, and commissioning of 6,408 solar water pumping systems.

The total value of the work order stands at approximately Rs 258 crore, inclusive of GST. The order is expected to be fulfilled within 90 days from the issuance date.

Shakti Pumps' foray into renewable energy solutions has been marked by strategic orders, enhancing its position in the sector. In November, the Securities and Exchange Board of India (SEBI) granted an exemption to Shakti Pumps promoters for the transfer of shares to three different trusts. This move was made without invoking Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The exemption was granted on the grounds that the proposed transaction would not alter the control of the management over Shakti Pumps, and promoters would maintain a 56.22 per cent stake in the company.

Additionally, in November, the company received a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The letter pertained to the supply of 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Maharashtra. This initiative falls under Component-B of the PM-KUSUM scheme (Phase-III).

Shakti Pumps' share touched a 52-week high of Rs 1,224.65 and a 52-week low of Rs 388.70 on October 20, 2023, and March 27, 2023, respectively.

At 10:57 am, Shakti Pumps shares were trading 3.91 per cent higher at Rs 1,042.10 apiece on the NSE.