Small-cap stock Oswal Pumps jumped almost 4% in intraday trade on the BSE on Wednesday, December 24, after the company announced it had received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a ₹180 crore project under PM KUSUM-B. Oswal Pumps' share price opened at ₹532.40 against its previous close of ₹530.75 and jumped 3.6% to an intraday high of ₹549.80.
In an exchange filing on December 24, Oswal Pumps said: "The company has received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited for an additional 6,500 off-grid DC solar photovoltaic water pumping systems (SPWPS), which is to be executed within one year under the PM Kusum B scheme “Magel Tyala Saur Krishi Pump” Yojna. The total value of 6,500 SPWPS is approximately ₹180 crore."
The letter of empanelment is valid up to one year.
The terms and conditions of the contract include design, manufacture, supply, transport, installation, testing and commissioning of off-grid DC SPWPS of 3HP, 5 HP and 7.5 HP capacity at identified farmers’ sites in the district of Maharashtra, including a complete system warranty and its repair and maintenance and a remote monitoring system for five.
Oswal Pumps share price trend
Shares of Oswal Pumps were listed on Indian bourses on June 20 this year. It was listed at ₹634 on NSE, a premium of just 3.2% from its issue price of ₹614. On the BSE, it listed at ₹632, up 2.9% from the issue price.
On a monthly scale, the small-cap stock is down by 2% in December so far after a 24% decline in November.
Read all market-related news here
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
