Shakti Pumps shares surge over 5% on bagging order from Madhya Pradesh government

Shares of Shakti Pumps, the Indore-based water pump maker, rose as much as 5.27% to hit an intraday high of ₹736.70 on the National Stock Exchange on Wednesday, December 31. On the BSE, Shakti Pumps shares advanced as much as 5% to hit an intraday high of ₹736 after it informed exchanges that it won an order from the Madhya Pradesh government.

Shakti Pumps informed exchanges that it won an order from Madhya Pradesh Urja Vikas Nigam Limited for supply 4,840 standalone off-grid DC solar photovoltaic water pumping systems (SPWPS) under the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) scheme for a total consideration of ₹170.25 crore.

"We would like to inform you that the Shakti Pumps (India) Limited has received New Work Order from Madhya Pradesh Urja Vikas Nigam Limited for 4,840 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Madhya Pradesh under Component-B of PM-KUSUM scheme. The total value of the 4,840 pumps is around ₹170.25 Crores (inclusive of GST) which is to be executed within 120 days," Shakti Pumps said in an exchange filing.

This order comes a day after the company informed exchanges that it won an order from the state of Jharkhand for supply of 1,000 solar photovoltaic water pumping systems.

"Shakti Pumps (India) Limited has received its third order from the state of Jharkhand. Jharkhand Renewable Energy Development Agency has given Work Order for 1,000 Nos. of stand-alone off Grid Solar Photovoltaic Water Pumping Systems (SPWPS) at various locations across the state of Jharkhand under Component-B of PM-KUSUM scheme. The total amount of the order value is for around ₹21 crores (inclusive of GST)," the Indore-based company had said in Tuesday's regulatory filing.

As of 12:40 pm, Shakti Pumps shares traded 3.86% higher at ₹727.75, outperforming the NIFTY50 index which was up 0.39%.