Shakti Pumps Share Price Jumps For Second Day In A Row, Up Over 400% In One Year
Shakti Pumps received an order worth Rs 753.30 crore from the Maharashtra State Electricity Distribution Co.
Shares of Shakti Pumps India Ltd. jumped 4% for the second consecutive day after the company received an order worth Rs 753.30 crore from the Maharashtra State Electricity Distribution Co. Notably, the stock has surged over 400% in a matter of one year.
The order is for 2,50,000 standalone off-grid DC solar photovoltaic water pumping systems, which will be deployed across Maharashtra under the Magel Tyala Saur Krushi Pump Scheme. The project is to be completed within 60 days from the issuance of the notice to proceed.
Shakti Pumps will be responsible for designing, manufacturing, supplying, transporting, installing, and commissioning the off-grid DC solar systems as part of the project. The announcement has had a positive impact on the stock, as investors react to the significant contract win.
The order is 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.
Shakti Pumps Share Price
Share price of Shakti Pumps rose as much as 4.49% before paring some gains to trade 4.09% higher at Rs 891.60 apiece, as of 11:38 a.m. This compares to a 0.87% decline in the NSE Nifty 50.
The stock has risen 436.38% in the last 12 months. Total traded volume so far in the day stood at 0.55 times its 30-day average. The relative strength index was at 67.
The one analysts tracking the company has a 'buy' rating on the stock, according to Bloomberg data.
