Crompton Greaves shares fell 4% on 8 July, despite touching a day high of Rs 268 on the NSE, even after a new solar equipment order.

Here is what the order is about. Crompton has received an additional allocation from Maharashtra State Electricity Distribution Company Limited, or MSEDCL, worth close to Rs 65 crore. This builds on an existing rate contract the company already had with the state utility.

Under this deal, Crompton will design, manufacture, supply, install and commission 3,000 solar-powered water pumping systems across various locations in Maharashtra.

These systems fall under a government scheme aimed at helping farmers switch to solar-powered irrigation instead of relying on grid electricity or diesel pumps.

The timeline here is tight. Crompton has just 60 days from the date of the work order to complete the entire rollout. The contract also includes a five-year warranty along with remote monitoring support for the systems once installed.

This is not the company’s first order under this scheme either. Crompton had already announced a related rate contract with MSEDCL earlier this month, on 2 July, and this latest allocation adds to that existing arrangement.

Despite the order win, sentiment around the stock stayed weak today. This comes shortly after the company posted a large quarterly loss in May, driven mainly by a one-time impairment charge tied to its Butterfly Gandhimathi business, even though underlying adjusted profit for that quarter held up reasonably well.

Shares of Crompton Greaves Consumer Electricals closed at Rs 258.90, down 3.58% for the day, still trading above it’s 52-week low of Rs 217.40.

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