Shakti Pumps Bags Rs 754-Crore Order From Maharashtra Discom

Shakti Pumps (India) Ltd. received the letter of empanelment from Maharashtra State Electricity Distribution Co. for a Rs 754.3-crore order to provide solar photovoltaic water pumping systems to the state of Maharashtra.

The company will supply 25,000 standalone off-grid DC solar photovoltaic water pumping systems under the Magel Tyala Saur Krushi Pump Scheme, according to an exchange filing on Wednesday. The order has to be executed within 60 days.

Earlier in October, the board of Shakti Pumps accepted to increase the authorised share capital of the firm by Rs 150 crore. The share capital was to be raised from Rs 40 crore to Rs 190 crore, subject to approval from the shareholders.

Also in October, the board of the company suggested to issue bonus shares in the ratio of 5:1. This meant that five new fully paid-up equity shares of Rs 10 each were to be allotted for every one existing fully paid-up equity share. The record date for the bonus issue was Nov. 25.

Shakti Pumps recorded a net profit of Rs 101.4 crore in the July-September quarter as compared to Rs 6 crore for the same period last year.

The water pump and motor manufacturer posted a revenue of Rs 634.6 crore during the quarter, as against Rs 152.8 crore in the year-ago period.

Shakti Pumps' share price closed 4.4% higher at Rs 815.80 apiece on the National Stock Exchange, compared to a 0.13% rise in the benchmark Nifty 50. The stock has risen 375.04% in the last 12 months and 378.24% on a year-to-date basis.