On Wednesday, Shakti Pumps (India) shares plunged around 5% after the company acknowledged the pending $1 million for an Uganda project from EXIM Bank under the Government of Uganda.

Earlier on April 12, the company operated in Uganda to source solar-powered water pumping systems by Shakti Pumps (India) Limited.

Shakti Pumps will supply water to half a million Ugandans through 20 rural districts in the project.

At 9:40 am, Shakti Pumps shares traded 4.88% higher at Rs 457.85 on BSE. The stock has given a return of 13.34% since the year beginning, beating the Nifty50 benchmark index that lost nearly 3% of its value. Besides, the stock has disappointed the benchmark index Nifty50 over the last five years by receiving a return of -38.26%. The benchmark Nifty50 has also given a return of 67.32% during the same period.

Shakti Pumps produces stainless-steel submersible solar pumps, pressure boosters and other products. The firm was given this order from the Government of Uganda, denoted by the Ministry of Water and Environment, for providing a solar-powered water pumping system in March 2021, estimated at $35.30 million (exclusive of VAT), sponsored by India Exim Bank in Uganda.