Shakti Pumps (India) was locked in 5% upper circuit at Rs 1281.55 after the company announced that it has received Letter of Award from Maharashtra Energy Department Agency (MEDA) for a project worth Rs 93 crore.
The project involves setting up 3,500 solar photovoltaic water pumping system (SPWPS) at various locations across the state of Maharashtra under Component‐B of PM‐KUSUM scheme.
The project has to be completed within a period of 120 days from the date of issue of work order.
Shakti Pumps (India) is a manufacturer of stainless-steel pumps & energy efficient motors. The company holds dominating position in domestic solar pumps industry with more than 35% market share in KUSUM scheme.
The company reported consolidated net profit of Rs 45.2 crore in Q3 FY24 which is steeply higher than Rs 11.2 crore posted in Q3 FY23. Revenue from operation jumped 57% YoY to Rs 495.62 crore recorded in the third quarter of FY24.
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