Shakti Pumps shares crash over 10% on December 17; stock still up 25% in 5 sessions

At the close, the stock stood at ₹699.80, down 10.33% on the NSE.

The stock's decline today could be attributed to profit booking by investors.

The company, last week, secured a work order, valued at ₹443.78 crore (including GST), from the Maharashtra State Electricity Distribution Company Limited, as stated in a regulatory filing.

The company said it received a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited for the supply of 16,025 off-grid DC solar photovoltaic water pumping systems (SPWPS) of 3 HP, 5 HP, and 7.5 HP across the state of Maharashtra under the Magel Tyala Saur Krushi Pump Yojana / PM Kusum B Scheme.

The total value of the order is approximately ₹443.78 crore, inclusive of GST, and is to be executed within 60 days from the issuance of the work order or notice to proceed (NTP).

Other recent orders

On December 12, the company secured two separate work orders. In a regulatory filing, it said it received an order from Jharkhand, where the Jharkhand Renewable Energy Development Agency issued a Letter of Award for 1,200 solar water pumping systems under the PM Kusum Scheme. The order is valued at approximately ₹23.98 crore, inclusive of GST.

In a separate development, Shakti Pumps received a work order from Madhya Pradesh Urja Vikas Nigam Limited for the supply of 2,033 stand-alone off-grid DC solar photovoltaic water pumping systems (SPWPS) under the PM Kusum Scheme. This order is valued at around ₹71.25 crore, inclusive of GST.

About Shakti Pumps

Shakti Pumps (India) is engaged in the manufacturing of pumps, motors and their spare parts. Its products include submersible pumps, solar pumps, vertical multistage centrifugal pumps, monoblock end suction pumps, pressure booster pumps, wastewater pumps, open well pumps, shallow well & slow speed pumps, submersible pumps, single shaft vertical multistage pumps (RO Series), Shakti Solar Open Well (DCSOP Series) and others.

It offers water pumping solutions for a range of applications, such as irrigation (flood and micro irrigation), horticulture, domestic water supply, commercial and industrial applications and others.

The company’s product portfolio caters for applications such as agriculture, irrigation, industrial applications and processes, pressure boosting in high-rise buildings, rural/urban community water supply schemes, waste and sewage water treatments, and firefighting.