Shakti Pumps share price rallies 12% on ₹236-crore MSEDCL order win

Shakti Pumps has received an order from Maharashtra State Electricity Distribution Company Limited (MSEDCL) under Magel Tyala Saur Krushi Pump Yojana. The value of the order is ₹236 order

Shakti Pumps share price today:Shakti Pumps (India) Limited shares on Thursday zoomed 12 per cent in early trade on the back of an order win from Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).

 

The stock opened 8 per cent higher at ₹506.90 and extended the gains to make an intraday high of ₹524.45 on the National Stock Exchange (NSE).

 

As of 9:45 AM, the stock outperformed the markets significantly with a gain of 8.7 per cent to trade at ₹509. More than 5.5 million equities changing hands.

 

Shakti Pumps was also among the most active equities on the NSE, data showed. 

 

Shakti Pumps wins ₹236-cr order

 

 

According to an exchange filing, the company has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for 10,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state under Magel Tyala Saur Krushi Pump Yojana.

 

The total value of the 10,000 pumps is around ₹235.92 crores which is to be executed within 60 days from the issuance of work order.

 

The Magel Tyala Saur Krushi Pump Yojana is a state government scheme to provide subsidised off-grid solar water pumps to farmers for daytime irrigation.

 

Shakti Pumps, which has a market capitalisation of more than ₹6,200 crore, is primarily engaged in the manufacturing of pumps, motors, controllers, and also offers water pumping solutions.

 

Shakti Pumps stock: Technical view 

 

Harish Jujarey, AVP, head - technical equity research, Prithvi Finmart, said that Shakti Pumps has witnessed a decent correction from the ₹620 levels to around ₹465 over the past two months. However, it has formed a double-bottom pattern near ₹450, which can act as a strong support zone.

 

On the upside, the major hurdle is placed in the ₹550–570 range, where the falling trendline and 200-DMA are positioned. 

 

"We expect the stock to move towards the ₹550–570 zone in the short to medium term. Any dip towards ₹500–490 levels can be considered a buying opportunity, while ₹450 should be maintained as a strict stop-loss," he said. 

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