Shakti Pumps share price jumps 12% on ₹236 crore solar pump order
Shakti Pumps shares surged 12% after announcing a ₹235.92 crore order from MSEDCL for 10,000 solar pumps. This order, part of a government initiative, includes full project execution across Maharashtra within 60 days.
Shakti Pumps share price jumped 12% on Thursday, 10 September, after the company secured a ₹235.92 crore order from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the supply of 10,000 solar pumps.
The company announced the order after market hours on Wednesday, triggering buying interest in the stock at Thursday’s market open.
In an exchange filing, Shakti Pumps said it had received a Letter of Empanelment from MSEDCL for the supply of 10,000 off-grid Solar Photovoltaic Water Pumping Systems with capacities of 3 HP, 5 HP and 7.5 HP across Maharashtra. The order is part of the Magel Tyala Saur Krushi Pump Yojana.
The total order value is approximately ₹235.92 crore, including GST. The company is required to execute the order within 60 days from the issuance of the work order/Notice to Proceed (NTP).
According to news reports, Shakti Pumps will undertake the entire project, including the design and manufacturing of the solar pumps, transportation to designated locations, as well as the installation, testing and commissioning of the systems.
The order covers the entire state of Maharashtra and aims to provide farmers with off-grid, solar-powered pumping systems for irrigation.
MSEDCL is the awarding entity for the contract. Shakti Pumps said that its promoters, promoter group and group companies do not have any interest in MSEDCL.
Shakti Pumps share price today
Shakti Pumps share price today opened at ₹501.30 apiece on the BSE, the stock touched an intraday high of ₹524.90 per share, and an intraday low of ₹494 apiece.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said that Shakti Pumps witnessed a pullback during the session but failed to sustain at higher levels, keeping the broader trend bearish.
“The stock moved above its 50-day EMA during morning trade but failed to sustain above the key moving average, indicating selling pressure at higher levels. The MACD line also continues to remain below the zero line, reinforcing the bearish bias,” Shah said.
According to Shah, the ₹535–540 zone is likely to act as an immediate resistance, and the stock could remain under pressure as long as it trades below this range. On the downside, the ₹475–470 zone is expected to provide immediate support.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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