Shakti Pumps shares in focus on bagging Rs 754 crore order from Maharashtra government
Shakti Pumps will be in focus after the company received a Letter of Empanelment from Maharashtra State Electricity Distribution Company (MSEDCL) for 25,000 standalone off-grid DC solar photovoltaic water pumping systems, collectively worth Rs 754.30 crore.
Under this Letter of Empanelment, the company will receive a series of orders from MSEDCL over the next year. The stipulated timeline of 60 days for executing these orders will commence from the date each work order is issued.
The company’s chairman, Dinesh Patidar, said, “We are delighted to have received the Letter of Empanelment for 25,000 pumps from MSEDCL, a development that will significantly bolster our robust order book position. This is the second major Letter of Empanelment we have received from the Government of Maharashtra during the past year, following the initial Letter of Empanelment for 50,000 pumps.”
“This achievement reinforces our position as a prominent player in the solar pumping system sector in Maharashtra. We remain committed to securing additional orders and ensuring their prompt execution,” he further added.
On Thursday, the company’s shares rose 5% to settle at Rs 856. The stock has skyrocketed 415% in the last year and has offered a whopping 2,413% return to its investors in the last five years.
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