Shares of Shakti Pumps (India) Ltd hit a 5% upper circuit on 7 November after the company announced securing an order worth Rs 116.4 crore under the PM-KUSUM scheme.

In its regulatory filing, the company said that they have secured a new contract from the Haryana Renewable Energy Department (HAREDA) for supplying, installing, and commissioning 3,174 solar water pumping systems that have to be completed in a period of 120 days. 

Dinesh Patidar, Chairman of Shakti Pumps, said, “Our achievements are a direct result of faster execution of orders within both the domestic and international spheres. Profitability margins also witnessed a significant expansion which can be mainly attributed to the realisation of economies of scale, which was facilitated by increased operational activities during the quarter.”

Dinesh added, “Given our leadership position in the PM KUSUM Scheme, we are confident that we will continue to witness an influx of orders, which will play a pivotal role in our sustained growth.”

As of September 2024, the company’s order book stood at Rs 1,800 crore. 

At 3:30 pm, the shares of Shakti Pump closed 5% higher at Rs 4,822.55 on NSE.

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