Shakti Pumps shares jump up to 12% on securing Rs 236 crore order in Maharashtra

The latest market report highlights that Shakti Pumps (India) Ltd shares jumped 12 percent in early session on Thursday after the firm secured a Rs 235.92 crore order from Maharashtra State Electricity Distribution Firm for the supply of 10,000 solar pumps.

The stock hit an intraday high of Rs 524.45 per share on the NSE, up 12.10 percent from its previous close.

Shakti Pumps shares had settled over 1 percent softer in the previous session.

After market hours on Wednesday, the firm announced the order from Maharashtra, leading to buying interest in the stock when markets opened on Thursday.

In an exchange filing, the firm stated it had received a Letter of Empanelment from Maharashtra State Electricity Distribution Firm Ltd for 10,000 off-grid Solar Photovoltaic Water Pumping Systems of 3 HP, 5 HP and 7.5 HP capacity across Maharashtra under the Magel Tyala Saur Krushi Pump Yojana.

The total value of the 10,000 pumps is around Rs 235.92 crore, and the order is to be executed within 60 days from the issuance of the work order/Notice to Proceed (NTP).