Shakti Pumps share price jumped 12% on Thursday, 10 September, after the company secured a ₹235.92 crore order from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the supply of 10,000 solar pumps.
The company announced the order after market hours on Wednesday, triggering buying interest in the stock at Thursday’s market open.
In an exchange filing, Shakti Pumps said it had received a Letter of Empanelment from MSEDCL for the supply of 10,000 off-grid Solar Photovoltaic Water Pumping Systems with capacities of 3 HP, 5 HP and 7.5 HP across Maharashtra. The order is part of the Magel Tyala Saur Krushi Pump Yojana.
The total order value is approximately ₹235.92 crore, including GST. The company is required to execute the order within 60 days from the issuance of the work order/Notice to Proceed (NTP).
According to news reports, Shakti Pumps will undertake the entire project, including the design and manufacturing of the solar pumps, transportation to designated locations, as well as the installation, testing and commissioning of the systems.