Shares of Shakti Pumps surged 11 percent to hit a 52-week high of Rs 1,034.90 in the early trade on October 19 after receiving a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL).
The Letter of Empanelment included 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Maharashtra under Component-B of the PM-KUSUM scheme (Phase-III).
The total value of the 50,000 pumps is around Rs 1,603 crores (inclusive of GST) which is to be executed over 24 months.
Last week, the company's board approved Rs 114.29 crore investment in a wholly owned subsidiary, Shakti EV Mobility Private Limited, in one or more tranches for five years.
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On October 7, the company received a Letter of Intent of Rs 149.71 crore for the grid-connected solar water pumping system implementation under PM KUSUM Scheme (Component C) from Ajmer Viduyt Vitran Nigam Limited.
In August, the company received its first work order under the KUSUM-3 scheme from the Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is around Rs 358 crore.
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