Shakti Pumps Secures ₹754 Crore Order From Maharashtra Discom

Shakti Pumps (India) Ltd. has been awarded a ₹754.3 crore order by Maharashtra State Electricity Distribution Co. to supply solar water pumping systems under the Magel Tyala Saur Krushi Pump Scheme. The project aims to enhance agricultural sustainability through renewable energy solutions.

Details of the Solar Pumping Project

The company received the letter of empanelment for the order, which involves delivering 25,000 standalone off-grid DC solar photovoltaic water pumping systems. According to the exchange filing on Wednesday, the systems must be supplied and installed within 60 days. This large-scale initiative reflects Shakti Pumps commitment to contributing to green energy and supporting the agricultural sector in Maharashtra.

October Updates: Share Capital Increase and Bonus Issue

In October, Shakti Pumps board approved an increase in the company’s authorised share capital from ₹40 crore to ₹190 crore, subject to shareholder approval. Additionally, the board announced a bonus share issue in a 5:1 ratio, allotting five fully paid-up equity shares for every existing share. The record date for this bonus issue was November 25, marking a significant step in rewarding shareholders.

Shakti Pumps Share Performance

As of December 12, 2024, 12:34 PM, the shares of Shakti Pumps are trading at an upper circuit level of ₹856.55 per share with a surge of 5% from its previous day’s closing price. Over the last month, the stock has seen a surge of 8.43%. The stock has a 52-week high and 52-week low of ₹899.90 per share and ₹154.83 per share respectively.

Conclusion

Shakti Pumps’ latest ₹754.3 crore order underlines its pivotal role in promoting solar energy solutions. Alongside its recent financial developments, the company continues to strengthen its position as a leader in the renewable energy sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.