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Business News/ Markets / Stock Markets/  Shakti Pumps share price locked in 20% upper circuit following order win of 358 crore

Shakti Pumps news: Shakti Pumps shares were locked in 20% upper circuit on Wednesday's trading session and Shakti Pumps share price touched a new 52-week high after the company bagged work order worth 358 crore. Shakti Pumps share price opened at intraday low of 717.50 apiece on BSE, Shakti Pumps stock price hit an intraday high of 861.90.

According to the company's exchange filing, the Haryana Renewable Energy Department (HAREDA) awarded Shakti Pumps its first work order under the KUSUM-3 scheme for 7,781 pumps.

On the technical front, as per trendlyne data, Shakti Pumps stock price rose 73.7% and outperformed its sector by 6.6% in the past year. On Wednesday's session, the stock has been trading at high volume of 3.1 million with price gain of 20.

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, , Shakti Pumps stock price has seen 20% upper circuit , backed with strong volumes, expect this upmove to continue towards previous all time high of 896 and beyond in the coming session, bias remains positive however after such strong upmove buying at elevated levels can have unfavorable risk reward hence one should idealy wait for dip with 810 seen as next immediate support.

On the standalone front, Shakti Pumps reported revenue from operations of 101.01 crore for the quarter ended in June (Q1FY24), down 57% year over year (YoY), and quarterly net profit of 4.42 crore, down 41% YoY. The company in its exchange filing said that in terms of export performance, the quarter has been robust, witnessing a YoY increase of 59.1% in Q1FY24.

Shakti Pumps (India) Ltd. is a well-known manufacturer of an array of products, including stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters.

Shakti Pumps will shortly be paying a dividend of 2 per share, which is payable on September 21, 2023, as per trendyne data. 

Also Read: Jio Financial Services share price extend gains; locked at 5% upper circuit; here's why


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Updated: 30 Aug 2023, 02:39 PM IST
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