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News Topical, Digital Desk : Shakti Pumps Shares : There has been a stormy rise in the shares of Shakti Pumps (India) Limited for the last two days. The company first got an order from the Maharashtra Government and now it has again got two more government orders. The company's shares are on a bullish trend after getting three government orders in two consecutive days. Its shares were facing a decline for the last one year. But after getting the government order, the shares of Shakti Pumps (India) are rising like a storm. In the last two days, it has seen a rise of about 20 percent.
The company announced in an exchange filing that it has received an order from Madhya Pradesh's Madhya Pradesh Urja Vikas Nigam Limited, valued at ₹71.25 crore. Shares rose 5% on this news today. The company also received a government order from Jharkhand.
Shakti Pumps Shares continue to rise for 2 days
Shares of Shakti Pumps (India) Limited closed at ₹550.25 on December 10th and rose to ₹661.50 today, representing a gain of approximately 20 percent. However, at the time of writing, Shakti Pumps shares are trading at ₹648, up 3.17 percent.
The company's stock rose 5.3% to ₹661.5 per share during the day, after rising over 17% a day earlier.
The company gave information about the order in the exchange filing
"Shakti Pumps (India) Ltd has received a work order from Madhya Pradesh Urja Vikas Nigam Ltd for 2,033 stand-alone off-grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Madhya Pradesh under Component-B of the PM-KUSUM scheme. The total cost of the 2,033 pumps is approximately Rs 71.25 crore (inclusive of GST), to be completed within 120 days," the company said in an exchange filing.
The company has also received an order from the Jharkhand government. The company said that Shakti Pumps (India) Limited has received its second order from the state of Jharkhand. The Jharkhand Renewable Energy Development Agency has issued a Letter of Award for 1,200 Solar Water Pumping Systems (SWPS) at various locations in the state of Jharkhand under Component B of the PM-KUSUM scheme. The total value of the order is approximately Rs 23.98 crore (including GST).
What is the market cap of Shakti Pumps?
Shakti Pumps shares are currently trading at 48 times its average 30-day trading volume. The stock has fallen 38% this year, compared to a 10% gain in the benchmark Nifty 50. Shakti Pumps has a market capitalization of ₹7,961.02 crore.
Shakti Pumps has received its second order from the state of Jharkhand, with the Jharkhand Renewable Energy Development Agency awarding a contract for 1,200 solar water pumping systems under Component B of the PM-KUSUM scheme.
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