Shares of Shakti Pumps (India) Ltd continued their sharp upward momentum on Friday, rising over 12% to ₹619 in morning trade. This comes just a day after the stock jumped more than 8% on Thursday following the company’s announcement of ₹444 crore worth of orders from the Maharashtra State Electricity Distribution Company for the supply of solar water pumps.
On Thursday, the stock had climbed as much as 8.5% intraday to ₹597.8, marking its steepest rise since August 7 this year. It later traded 7.4% higher at ₹592 apiece, outperforming the Nifty 50, which gained 0.51% during the session.
The renewed buying interest helped the counter snap an eight-day losing streak, during which the stock had fallen 19%. Trading volumes also surged, with the stock recording activity 5.5 times its 30-day average, according to Bloomberg data. Despite the rebound, Shakti Pumps remains down 43% so far this year, compared to a 9% advance in the benchmark Nifty 50.
With Friday’s sharp uptick, the stock has now gained nearly 20% in just two trading sessions. Shakti Pumps currently holds a market capitalisation of ₹7,280.48 crore.
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