Shakti Pumps gains on board nod to Rs 114-crore investment in subsidiary

The share touched a 52-week high of Rs 963 and a 52-week low of Rs 380.15 on 06 October, 2023 and 26 December, 2022, respectively.

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The share price of Shakti Pumps edged up 1.5 percent in early trade on October 12 a day after the company’s board approved Rs 114.29 crore investment in a wholly owned subsidiary.

The funds will be provided to Shakti EV Mobility Private Limited in one or more tranches for the next five years.

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On October 7, the company had received a Letter of Intent of Rs 149.71 crore for implementation of grid-connected solar water pumping system under PM KUSUM Scheme (Component C) from Ajmer Viduyt Vitran Nigam Limited.

The project involves replacing inefficient electric pump sets with BLDC Solar Pump sets, where the pump set will run on power generated from Solar and surplus electricity can be sent to grid.

In August, the company had received its first work order under the KUSUM-3 scheme from the Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is for around Rs 358 crore.

The company is primarily engaged in the manufacturing of pumps and motors of various kinds. It also offers advanced water pumping solutions to a wide range of applications such as irrigation, horticulture, domestic water supply, commercial and industrial applications.

The share touched a 52-week high of Rs 963 and a 52-week low of Rs 380.15 on October 6, 2023 and December 26, 2022. It is trading 6.3 percent below its 52-week high and 137.35 percent above its 52-week low.