Shakti Pumps (India) said that it has invested Rs 5.08 crore in its wholly owned subsidiary, Shakti EV Mobility by subscribing to equity shares.
Shakti EV Mobility (formerly known as Shakti Green Industries) is a wholly owned subsidiary of the company. It manufactures electric vehicle motors for two wheeler, three wheeler, four wheeler, special purpose electric vehicle motor & for other purpose and manufactures chargers for electric vehicle.The promoter company invested in Shakti EV Mobility to initiate and expand the business of the subsidiary.
The investment shall be made in consideration of equity shares.
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.
The scrip rallied 5% to ends at Rs 1771.20 on Tuesday, 23 April 2024.
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