Shakti Pumps secures Rs 236 crore Maharashtra solar pump order
Shakti Pumps Ltd reported an 11.71% stock surge following a major contract with MSEDCL for 10,000 solar pumping systems valued at approximately Rs 236 crore.
Shares of Shakti Pumps (India) Ltd jumped 11.71% to trade at Rs 522.55 during Thursday's session after the company secured a substantial government contract. The deal involves the Maharashtra State Electricity Distribution Company Limited, known as MSEDCL, and covers a project in the Magel Tyala Saur Krushi Pump Yojana. Under this Letter of Empanelment, Shakti Pumps will design, manufacture, supply, transport, install, test, and commission 10,000 off-grid solar photovoltaic water pumping systems across Maharashtra. These systems feature capacities of 3 HP, 5 HP, and 7.5 HP. The total contract value is pegged at Rs 216.64 crore excluding GST, approximately reaching Rs 235.92 crore when including GST. Investors viewed the announcement positively, noting that a domestic entity won the bid without any promoter or promoter group interest in MSEDCL. The company must execute the order within 60 days from the issuance of the Notice to Proceed.
