Shakti Pumps locked at 5% upper circuit on bagging Rs 93-cr Maharashtra order

The order include design, manufacture, supply, transport, installation, testing and commissioning and to be completed in 120 days from the date of issue of work order.

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Shares of Shakti Pumps (India) were locked at the 5 percent upper circuit in early trade on March 15 after the company received a Rs 93-crore work order.

At 9:22am, Shakti Pumps (India) was quoting Rs 1,281.55, up Rs 61, on the BSE. There were pending buy orders of 3,221 shares, with no sellers available.

“The company has received the Letter of Award from the Maharashtra Energy Department Agency (MEDA) for 3,500 solar photovoltaic water pumping system (SPWPS) at various locations across the state under Component‐B of PM‐KUSUM scheme,” the company said.

The order include design, manufacture, supply, transport, installation, testing and commissioning and to be completed in 120 days from the date of issue of work order.

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On March 13, the company received the fourth work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 2,130 pumps for around Rs 73.32 crores (inclusive of GST).

On February 24, the company bagged the third work order under the KUSUM‐3 scheme from HAREDA for 2,443 pumps worth Rs 84.30 crores (inclusive of GST).

The share touched a 52-week high of Rs 1,599.50 and a 52-week low of Rs 388.70 on 02 February, 2024 and 27 March, 2023, respectively. Currently, the stock is trading 19.88 percent below its 52-week high and 229.7 percent above its 52-week low.