Shakti Pumps gains 8% after securing a green energy deal worth Rs 258 crore in Haryana

 Shakti Pumps gains 8% after securing a green energy deal worth Rs 258 crore in Haryana

Shakti Pumps gains 8% after securing a green energy deal worth Rs 258 crore in Haryana

The stock reached its 52-week high on October 20, 2023, of Rs 1,224.65, and its 52-week low on March 27, 2023, of Rs 388.70.

On December 29, Shakti Pumps (India) saw a rise in stock value of more than 8% after the receipt of a new order from the Haryana Renewable Energy Department (HAREDA).

The Haryana Renewable Energy Department (HREDA) has issued the second work order for 6,408 pumps to the business under the Kusum-3 project.

The work order is valued at around Rs 258 crore in total (GST included). Within ninety days of the work order's issuance, a solar water pumping system must be supplied, installed, and commissioned.

The promoters of Shakti Pumps were permitted by the Securities and Exchange Board of India (SEBI) to transfer their shares to three distinct trusts in November without requiring the application of Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Excepted, in which case promoters have to announce an open offer

The regulator gave its clearance, stating that neither the promoters' 56.22 percent interest in the business nor managerial control over Shakti Pumps would be altered by the proposed transaction.

Furthermore, under Component-B of PM-KUSUM, the firm was enpaneled by the Maharashtra State Electricity Distribution firm Limited (MSEDCL) in November for 50,000 off-grid solar photovoltaic water pumping system (SPWPS) pumps for the whole state of Maharashtra. I got a letter. Plan (Second Stage).

The stock reached its 52-week high on October 20, 2023, of Rs 1,224.65, and its 52-week low on March 27, 2023, of Rs 388.70.

At the moment, the stock is trading 168.55 percent above its 52-week low and 14.76 percent below its 52-week high.