Shakti Pumps Shares Surge 14% After Bagging Rs 293-Crore Order
The company will supply, install and commission solar water pumping systems within 90 days from the date of issue of the contract.
Shares of Shakti Pumps (India) Ltd. jumped over 14% to hit a 22-month high on Friday after it secured an order worth Rs 293 crore.
The submersible pump manufacturer received a letter of award for 10,000 pumps, under PM- KUSUM III scheme, under component-B, from the Department of Agriculture, Uttar Pradesh.
The company will supply, install, and commission solar water pumping systems. The order has to be executed within 90 days from the date of issue, according to an exchange filing.
Shares of the company surged 14.81% before paring gains to trade 12.16% higher at 10:01 a.m., compared to a 0.25% rise in the Nifty 50.
The stock has gained 115.7% on a year-to-date basis. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 64.3, implying that the stock may be overbought.