Shakti Pumps Share Price Hits Over Two–Week High After Securing Rs 753-Crore Order

Shakti Pumps (India) Ltd.'s share price rose to over two–week high on Thursday, as the company received an order worth Rs 753.30 crore from the Maharashtra State Electricity Distribution Co. The order is for 2,50,000 standalone off–grid DC solar photovoltaic water pumping system.

Shakti Pumps received an order for water pumping systems for the entire state of Maharashtra under the Magel Tyala Saur Krushi Pump Scheme. The project is required to be completed within 60 days from the issuance of notice to proceed for the work order, according to an exchange filing on Wednesday.

As a part of the order, Shakti Pumps will design, manufacture, supply, transport, install, and commission off–grid DC solar photovoltaic water pumping system, the company said in the exchange filing.

Shakti Pumps share price hit 5% upper circuit and rose to Rs 856.55 apiece, the highest level since Nov. 27. It remained locked in the upper circuit as of 10:21 a.m., as compared to a 0.07% decline in the NSE Nifty 50. The stock rose for the fourth consecutive session in a row.

It rose to 52–week high of Rs 899.90 apiece on Nov. 27, while it touched 52–week low of Rs 154.83 apiece on Dec. 21, 2023.

Shakti Pumps share price has risen 411.39% in 12 months, and 402.13% on year-to-date basis. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 62.24.

One analyst tracking the company maintained a 'buy' rating, according to Bloomberg data.