Shakti Pumps Shares Hit Record After Madhya Pradesh Government Sanctions Land For Expansion

Shares of Shakti Pumps Ltd. jumped nearly 18% to a record high on Tuesday after the Madhya Pradesh Industrial Development Corp. sanctioned 46 acres of land to the company.

MPIDC has sanctioned the land situated at A-10 and B-86, Smart Industrial Township, Sector-7, Pithampur, Indore, Madhya Pradesh, the company announced through an exchange filing on Monday. The company said that this sanctioned land will be used for future expansion.

Shares of the company surged 17.85% to 1,498 apiece, a fresh life high. It recently hit life high on Jan. 29 and was locked in the upper circuit after its third-quarter profit jumped fourfold. The stock pared gains to trade 15.25% higher at Rs 1,465 apiece as of 10:06 a.m. This compares to a 0.05% advance in the NSE Nifty 50 Index.

It has risen 241.57% in the last 12 months. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 81, indicating it was overbought.