On Friday, Shakti Pumps (India) Limited witnessed a significant surge in its stock price, hitting the upper circuit limit. This remarkable performance can be attributed to the recent announcement of a major order win, boosting investor confidence and driving the stock upwards.
Shakti Pumps has received a Letter of Intent from the Department of Agriculture, Uttar Pradesh, for the supply, installation, and commissioning of 12,537 solar water pumping systems under Component-B of the PM-KUSUM scheme (Phase-III). The total value of this order is approximately Rs. 558.16 Crores, inclusive of GST. This substantial order is expected to be executed by 31st March 2025, with deliveries and installations taking place in a phased manner based on the quantities defined in subsequent letters of proceed.
The announcement of this significant order has had an immediate and positive impact on Shakti Pumps’ stock price. The stock hit the upper circuit on Friday, reflecting the market’s favorable reaction to the news. This surge is part of a broader trend of strong performance for the stock throughout 2024.
As of now, Shakti Pumps’ stock has seen a remarkable increase of 358% in 2024. This impressive growth is a testament to the company’s robust business model, strategic order wins, and the expanding market for solar water pumping systems.
Order Details: Shakti Pumps secured an order worth Rs. 558.16 Crores from the Department of Agriculture, Uttar Pradesh, for 12,537 solar water pumping systems.
Execution Timeline: The order is to be executed by 31st March 2025, in a phased manner.
The successful execution of this order will not only boost Shakti Pumps’ financial performance but also enhance its reputation and market position in the solar water pumping systems segment.
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.
Published on: Aug 2, 2024, 3:18 PM IST
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