Shakti Pumps share price jumps 4% after receipt of ₹115 crore order from Maharashtra Energy Department

Stock Market Today: Shakti Pumps share price gained 4% during the intraday trade on Thursday after it announced the receipt of a ₹115 crore order from the Maharashtra Energy Department.

Shakti Pumps Order Details

Shakti Pumps (India) informed the investors through a filing on the exchanges on Thursday, June 12, about the order book update. The company told exchanges that it has received a Letter of Award (LoA) from the Maharashtra Energy Department Agency (MEDA).

The scope of the order received by Shakti Pumps or the Letter of Award from the Maharashtra Energy Department Agency is for 4500 Off-grid Solar Photovoltaic Water Pumping systems (SPWPS). 

The scope of work includes Design, Manufacture, Supply, Transport of the Solar Photovoltaic Water Pumping System, the company said.

The Solar Photovoltaic Water Pumping System are to be installed at various locations across the State of Maharashtra. These SPWPS installed by Shakti Pumps will be under the MNRE Component-B of PM-KUSUM scheme.

The project has to be completed by Shakti Pumps within 90 days from the date of issuance of the work order. The total amount of the work order is for around ₹114.58 crore (inclusive of GST).

Shakti Pumps Share Price Movement

Shakti Pumps share price opened at ₹973.70 on the BSE on Thursday and was up nearly 1% over the previous day's closing price of ₹965.45. Shakti Pumps share price thereafter continued to rise and touched the intraday highs of ₹1010, translating into gains of 4.6% during the intraday trade. This was despite the weakness in the Indian stock market. Both Sensex and Nifty 50 lost over 1% during the trading session on Thursday.

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