Shakti Pumps share price rose 19 percent intraday to Rs 690.20 on November 29 after the company's board approved the setting up of a subsidiary for electric vehicle business.
"The Shakti Pumps board has approved the incorporation of a wholly owned subsidiary to do business in EV motor, EV charger, EV controller, multi-application VFD for automobiles," company said in a release.
The board has approved the notice to be sent to shareholders through postal ballot for alteration in object clause of memorandum of association of the company and adoption of new set of articles of association of the company.
The company's September quarter net profit rose to Rs 27 crore as against Rs 22.47 crore in the same quarter last year.
At 12:06pm, Shakti Pumps (India) was quoting at Rs 639.55, up Rs 61.80, or 10.70 percent, on the BSE. The share touched its 52-week high Rs 910.00 and 52-week low Rs 221.25 on 08 June, 2021 and 26 November, 2020, respectively.It was trading 29.72 percent below its 52-week high and 189.06 percent above its 52-week low at the time of filing this story.