Shakti Pumps India Shares Surge 5% Following Receipt of ₹350 Crore Order

Multibagger Stock Shakti Pumps India Sees 5% Surge on Securing ₹350 Crore Order

In Monday's trading session, Shakti Pumps India saw a significant surge of up to 5% on the National Stock Exchange (NSE) after the company secured a substantial order from the Maharashtra State Electricity Distribution Company (MSEDCL). The stock opened at ₹607.95 per share on Monday, compared to its previous close of ₹574.10 on Friday. The stock reached an intraday high of ₹621.90 on July 6.

The rally can be attributed to Shakti Pumps India securing a letter of empanelment from the Maharashtra State Electricity Distribution Company (MSEDCL) for setting up off-grid solar photovoltaic water pumping systems across the state. As part of the order, the company will design, manufacture, supply, transport, install, test, and commission 15,000 off-grid solar photovoltaic water pumping systems with capacities of 3 HP, 5 HP, and 7.5 HP under the Maharashtra government's Magel Tyala Saur Krushi Pump Yojana.

The contract, valued at ₹353.89 crore (inclusive of GST), encompasses the complete execution of the project, including design and manufacturing to installation, testing, and commissioning. The work is expected to be completed within 60 days from the issuance of the work order or notice to proceed (NTP).