 "Shakti Pumps zooms 18% on winning Rs 358 cr-order from Haryana government")
In an exchange filing, Shakti Pumps said that the company received its first work order under the KUSUM-3 scheme from Haryana Renewable Energy Department (HAREDA), under the Haryana government, for 7,781 pumps.
At 12:13 pm; the stock was trading 17 per cent higher at Rs 842, as compared to a 0.53 per cent rise in the S&P BSE Sensex. The average trading volumes on the counter jumped multiple-fold today. A combined 2.7 million equity shares had changed hands on the NSE and BSE.
Shakti Pumps is a leading manufacturer of stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products.
The Solar Energy Corporation of India Ltd (SECI) had sanctioned the release of tenders for 8.57 lakh pumps in March 2023 to the company. However, due to a delay in receiving final approval from the Ministry of New and Renewable Energy (MNRE), the orders did not materialize during the June quarter.
The management, while announcing Q1FY24 earnings on August 11, had said discussions with several other states for Letter of Empanelment (LOE) are also progressing, and aim to conclude this process shortly. Based on that, the management foresee resurgence in momentum from Q3FY24, leading to a strong recovery in the Solar EPC business.