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Shakti Pumps Shares Jump After Maharashtra Solar Pump Order
Shakti Pumps received a large project connected to solar-powered water pumps in Maharashtra.
The project is valued at Rs 236 crore.
The company will make, deliver and install the pumps.
It will also test the pumps and make sure they work.
The pumps are meant to help farmers irrigate their fields using solar energy.
The work is part of a Maharashtra government program.
Shakti Pumps must finish the project within 60 days after receiving the work order.
Investors reacted positively, and the company’s shares rose by more than 12%.
Shakti Pumps shares rose 12.11% to Rs 524.90 after a Rs 236 crore Maharashtra solar pump empanelment.
The company will design, manufacture, supply, install, test and commission off-grid solar photovoltaic water pumping systems.
The project covers Maharashtra and must be completed within 60 days of the work order or Notice to Proceed.
The systems will be deployed under Maharashtra’s Magel Tyala Saur Krushi Pump Yojana for agricultural irrigation.
The announcement follows a July empanelment from MSEDCL for 15,000 solar pumping systems worth about Rs 353.89 crore.
- Who
- Shakti Pumps and the Maharashtra State Electricity Distribution Company Limited (MSEDCL).
- What
- Shakti Pumps received a Rs 236 crore empanelment to provide off-grid solar photovoltaic water pumping systems.
- Where
- The project covers the entire state of Maharashtra.
- When
- The shares rose 12.11% in Thursday’s trading; the project is to be completed within 60 days of the work order or Notice to Proceed.
- Why
- The solar pumps are being deployed for agricultural irrigation under the Magel Tyala Saur Krushi Pump Yojana.
Key facts
- Empanelment value
- Rs 236 crore
- Share price reaction
- Shares rose 12.11% to Rs 524.90
- Previous close
- Rs 468.20
- Project coverage
- Entire state of Maharashtra
- Completion period
- 60 days from issuance of the work order or Notice to Proceed
- Awarding entity
- Maharashtra State Electricity Distribution Company Limited (MSEDCL)
- Earlier empanelment
- 15,000 off-grid solar photovoltaic water pumping systems worth about Rs 353.89 crore, received in July
Sources
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