Shakti Pumps (India) surged 12.80% to Rs 651.70 after the company said its board approved incorporating a wholly owned subsidiary to foray in electric vehicles (EV) segment.
The board of Shakti Pumps (India) on 29 November 2021 approved the incorporation of wholly owned subsidiary to foray in segment of EV motor, EV charger, EV controller, multi application variable-frequency drive (VFD) for automobiles.On a consolidated basis, net profit of Shakti Pumps (India) rose 36.35% to Rs 20.78 crore on 83.51% rise in net sales to Rs 369.02 crore in Q2 September 2021 over Q2 September 2020.
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.
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