Shakti Pumps secures Rs 236 crore Maharashtra solar pump contract
Shakti Pumps shares surged 12% after securing a Rs 236 crore MSEDCL contract for 10,000 solar pumps, a non-related-party deal with a strict 60-day delivery window that follows a previous Rs 353.89 crore award, keeping the stock at a P/E of 27.49 despite technical resistance.
According to GN auto stocks/energy-stocks: solar stocks, Shakti Pumps is set to deliver the 10,000 units within 60 days of the work order under the Magel Tyala Saur Krushi Pump Yojana, marking the second major MSEDCL contract for the firm following a similar Rs 353.89 crore empanelment secured in July.
Source: GN auto stocks/energy-stocks: solar stocksET Markets notes that the contract value is precisely Rs 235.92 crore including GST, covering 3 HP to 7.5 HP systems under the Magel Tyala Saur Krushi Pump Yojana. The report also highlights that the stock is currently trading below four of its eight key Simple Moving Averages, suggesting a mixed technical trend despite the sharp rise.
Source: GN stocks/shares-surgeAccording to details from GN auto stocks/energy-stocks: solar stocks, Shakti Pumps is required to complete the design, installation, and commissioning of the 10,000 pump systems within 60 days of receiving the work order. The company has also clarified that this is a non-related-party transaction, as the promoter group holds no interest in the awarding body, MSEDCL.
Source: GN auto stocks/energy-stocks: solar stocksShakti Pumps shares jumped 12% after securing a major contract for 10,000 solar water pumps in Maharashtra, boosting its renewable energy portfolio.
Source: GN stocks/shares-surge
