Shakti Pumps shares jump 18% to hit new 52-week high after order win

Shares of Shakti Pumps (India) rose sharply during the trading session on Wednesday after the company bagged a major order from the Haryana government. The company announced this order win during the early trading session for the day.

Shakti Pumps (India) has received its first work order under the KUSUM-3 scheme from Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is for around Rs 358 crores, inclusive of GST, the company said in its exchange filing on Wednesday.

Following the announcement, shares of Shakti Pumps (India) surged more than 18 per cent to Rs 849.15 on Wednesday, hitting its new 52-week high commanding a total market capitalization more than Rs 1,550 crore. The smallcap counter had settled at Rs 718.25 on Tuesday.

Shares of Shakti Pumps (India) have delivered returns of more than 123 per cent from its 52-week low at Rs 380.15 hit in December 2022. The stock has gained about 20 per cent in the last one month, while the stock has doubled investors' wealth in the last six-month period. It has delivered a return of 650 per cent from its covid-19 lows.

Shakti Pumps reported a net sale at Rs 101.01 crore in June 2023 down 57 per cent on a year-on-year (YoY) basis, while quarterly net profit came in at Rs 4.42 crore, down 41 per cent YoY. EBITDA for the period dropped more than 46 per cent to Rs 10.65 crore for April-June period.

Pithampur-based Shakti Pumps (India) is a manufacturer of submersible pumps for domestic, industrial, horticultural and agricultural use. Shakti pumps exports to more than 100 countries, with branches in the USA, Australia and UAE.

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