Shakti Pumps share price:

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Shakti Pumps stock price zoomed to an all-time high price of Rs 1,110.50 on NSE as investor sentiment in the scrip improved as the firm was empanelled by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for an order of 50,000 renewable energy-powered pumps. The stock opened at Rs 950 and hit the day's high price of Rs 1,110.50.

The company informed the stock exchanges that it had received a letter of empanelment from the MSEDCL "for 50,000 off-grid solar photovoltaic water pumping systems (SPWPS) pumps for the entire state of Maharashtra under Component-B of the PM-KUSUM scheme (Phase III)."

The total value of the 50,000 pumps is about Rs 1,603 crore, and the same would be executed over 24 months, the company said.

The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) was launched in 2019 for companies to set up 10,000 MW of decentralised grid connected renewable energy power plants on barren land. Under this component, farmers, cooperatives and panchayats can set up renewable energy-based power plants (REPP) of 500 kW to 2 MW capacity.

Under the scheme, the beneficiaries can also install 17.50 lakh standalone solar agriculture pumps of capacity up to 7.5 HP for replacement of existing diesel agriculture pumps / irrigation systems in off-grid areas, where grid supply is not available. Lastly, the scheme also allows solarisation of 10 lakh grid connected agriculture pumps

.

Last month, the pumps manufacturer bagged an order worth Rs Rs 358 crore from Haryana Renewable Energy Department (HAREDA) for 7,781 pumps, under the KUSUM-3 Scheme.

In three-month, Shakti Pumps share price has gained 153.94%.

First Published:Oct 19, 2023 10:29 AM IST