Despite securing a massive Rs 330.29 crore solar pump order, GK Energy shares merely touched a day high of Rs 97.79 amid market pressure.

The Letter of Award, a formal go-ahead, came from Maharashtra State Electricity Distribution Company, the state’s power distributor.

The job is to supply 14,000 solar water pumps for farms. Each pump is rated at 5 HP and runs on solar panels, with no link to the power grid.

GK Energy will handle everything, from design and manufacturing to transport, installation and testing, then switch the systems on.

The work falls under the state’s Magel Tyala Saur Krushi Pump Yojana, which aims to lift farm output through solar power.

The company has 60 days to finish, counted from the work order or notice to proceed. The Rs 330.29 crore value includes GST.

It is a one-time domestic order. GK Energy said neither its promoters nor related parties have any interest in the power distributor, so the deal is not a related-party transaction.

For scale, the order equals about 17% of the company’s market value of Rs 1,911.35 crore, though the order figure includes GST.

GK Energy has landed other work recently. In September, the same distributor picked it for a 150 MW battery storage project, a system that stores electricity for later use.

On 26 August, it also got approval for a 100 MW rooftop solar project worth Rs 454.50 crore.

The stock closed at Rs 94.24 on the NSE, down Rs 1.68 from the previous close of Rs 95.92, while the Nifty 50 slipped 0.39% to 22,600.00.

It’s down 26.42% over the past month and 59.89% over the past year, and its 52-week high is Rs 239.60.

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