Shakti Pumps gains after promoter entity acquires 12,000 shares from open market

Shakti Pumps (India) advanced 1.67% to Rs 410.10 after the company's promoter acquired 12,000 shares of the company from the open market on Monday.

As per the company's exchange filing, Vintex Tools, an entity belonging to the promoter group of Shakti Pumps, acquired 12,000 shares of the company (equivalent to 0.07% stake) in the open market on 28 November 2022.

Prior to this acquisition, Vintex Tools held 7,26,000 share or 3.94% stake in Shakti Pumps. Post the said acquisition, its holding in the company has gone up to 4.01%.

As on 30 September 2022, Vintex Tools held 5,48,000 shares of 2.98% stake in Shakti Pumps, BSE data showed.

Shakti Pumps (India) makes energy-efficient pumps and motors. With a leading position in solar pump markets in India, Shakti exports a wide range of pumping products to over 100 countries globally.

The company's consolidated net profit dropped to Rs Rs 1.90 crore in the quarter ended September 2022 as against Rs 20.78 crore during the previous quarter ended September 2021. Sales declined 41.38% to Rs 216.32 crore in Q2 FY23 over Q2 FY22.

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