Share of Shakti Pumps (India) Ltd rallied 6% on 15 September after the company announced securing an order worth Rs 347 crore from MSEDC for the supply of solar water pumps. 

The company will provide and construct 34,720 OffGrid DC Solar Photovoltaic Water Pumping Systems (SPWPS) as part of the Maharashtra State Electricity Distribution Co.’s Magel Tyala Saur Krushi Pump Yojana / PM KUSUM B program.  

Earlier, on 27 August, MSEDCL opened its portal for the first tranche of 10,000 SPWPS, which were fully booked at a total cost of about Rs 268.88 crore (including GST). In a second phase, farmers picked 12,451 SPWPS worth roughly Rs 347.41 crore (including GST).

In August, the business secured a Letter of Empanelment from MSEDCL for 34,720 standalone SPWPS pumps costing around Rs 1037 crores for the whole state of Maharashtra.  

The Letter of Empanelment is valid for one year, and the installation must be finished within 60 days of the issuance of the NTP / work order.

At 2:02 pm, the shares of Shakti Pumps were trading 3.59% higher at Rs 887.40 on NSE.

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!