Shares of Shakti Pumps (India) Ltd soared 5% to ₹856.55 during Tuesday’s trade following the announcement of a significant contract worth ₹754.30 crore (inclusive of GST) from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The deal is part of the Magel Tyala Saur Krushi Pump Scheme and involves the design, manufacture, supply, transport, installation, testing, and commissioning of 25,000 standalone off-grid DC solar photovoltaic water pumping systems.
The stock has been one of the top performers in 2024, delivering a remarkable 411.76% return over the past year and a year-to-date gain of 397.39%. The past five trading sessions alone have seen a 10.48% rise in its value, reflecting sustained investor optimism. Shakti Pumps’ consistent rally underlines the market’s confidence in its capabilities to execute large-scale renewable energy projects and capitalize on India’s push for sustainability.
This ambitious project aligns with the government’s goal of promoting renewable energy solutions to support agriculture. By deploying solar-powered water pumps, the initiative aims to reduce farmers’ dependence on conventional energy sources and improve access to sustainable irrigation solutions. The company has been tasked with completing the project within a stringent 60-day timeline following the issuance of the Notice to Proceed (NTP) or Joint Site Report (JSR) approval, further highlighting Shakti Pumps’ operational efficiency and reliability.
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