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Shares of Shakti Pumps Ltd. surged nearly 35% in the last few days of trading
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The stock is currently trading at Rs 782, up over 4% from Monday's close of Rs 752
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The rally was driven by Rs 102 crore in new orders under the PM KUSUM scheme
Shares of Shakti Pumps Ltd. are buzzing in trade on Tuesday's session, extending a sharp rally that has seen the stock rise up to 35% in the last few days.
The stock is currently trading at Rs 782, which accounts for gains of more than 4%. This compares to Monday's closing price of Rs 752.
In the last five days, the stock has witnessed an impressive rally, gaining more than 30% since Wednesday, Dec 10.
The sharp upmove in Shakti Pumps has been driven by order wins under the PM KUSUM scheme. On Friday, the company announced a Rs 71 crore order from Madhya Pradesh Urja Vikas Nigam Limited.
On the same day, Shakti Pumps announced another order worth Rs 31 crore from the Jharkhand Renewable Energy Development Agency.
Following the rally, shares of Shakti Pumps are currently trading with a relative strength index of 72, which suggests the stock is in an overbought solution.
It must be noted that the stock has actually fallen more than 17% on a 12-month basis.
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