Shakti Pumps rallies 8% on winning Rs 258-cr Haryana green power contract

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

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Shares of Shakti Pumps (India) zoomed more than 8 percent intraday on December 29 after the company received a fresh order from the Haryana Renewable Energy Department (HAREDA).

“The company has received a second work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 6,408 pumps,” it said.

The total amount of the work order is for around Rs 258 crore (inclusive of GST). The order is for supply, installation and commissioning of solar water pumping systems, within a 90-day period from the date of issue of work order.

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In November, the Securities and Exchange Board of India (Sebi) granted exemption to Shakti Pumps promoters to transfer their shares to three different trusts without evoking Regulations 3 and 4 of the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 where the promoters have to announce an open offer.

The regulator granted the exemption reasoning that the proposed transaction won’t change the control of the management over Shakti Pumps, nor would promoters hold 56.22 percent in the company.

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

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

The stock is trading 14.76 percent below its 52-week high and 168.55 percent above its 52-week low.