Shakti Pumps rises 4.5% on getting $1 million due from Uganda project

The stock of Shakti Pumps Ltd was trading 4.88 percent higher at Rs 457.85, on BSE at 9:40 AM. The stock has given a return of 13.34 percent since the start of this year outperforming the Nifty50 benchmark index which has lost nearly 3 percent of its value since the start of this year. Whereas the stock has underperformed the benchmark index Nifty50 over the last five years by giving a return of negative 38.26 percent.

Shivam Shukla

April 20, 2023 / 10:50 IST

Shakti Pumps

Shakti Pumps (India) shares rose around 5 percent after the company post-market Wednesday said it had received the pending USD 1 million for a Uganda project from EXIM Bank on behalf of the Government of Uganda.

The company earlier on April 12, 2023, said that it has started operations in Uganda to supply solar powered water pumping system by Shakti Pumps (India) Limited.

Under the project, Shakti Pumps will supply water to half a million Ugandans across 20 rural districts.

The stock of Shakti Pumps Ltd was trading 4.88 percent higher at Rs 457.85, on BSE at 9:40 AM. The stock has given a return of 13.34 percent since the start of this year outperforming the Nifty50 benchmark index which has lost nearly 3 percent of its value since the start of this year. Whereas the stock has underperformed the benchmark index Nifty50 over the last five years by giving a return of negative 38.26 percent. The benchmark Nifty50 has given a return of 67.32 percent during the same duration.

Shakti Pumps, a manufacturer of stainless-steel submersible solar pumps, pressure booster pumps among other products, was awarded this order from the Government of Uganda represented by the Ministry of Water and Environment for supplying a solar-powered water pumping system in March 2021 at a total contract price of USD 35.30 million (exclusive of VAT) funded by India Exim Bank in Uganda.