Shakti Pumps shares rise 15% as firm bags order from UP govt

Shares of Shakti Pumps (India) Ltd surged 15% in early deals today after the firm said it received an order worth Rs 293 crore for 10,000 pumps from the Uttar Pradesh government. Shakti Pumps shares zoomed 14.65% to Rs 902.65 against the previous close of Rs 787.30 on BSE. Total 1.34 lakh shares of Shakti Pumps changed hands amounting to a turnover of Rs 11.72 crore. Market cap of the firm rose to Rs 1613.78 crore.

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Shakti Pumps stock hit a 52 week low of Rs 380.15 on December 26, 2022 and a 52 week high of Rs 927.40 on August 31, 2023. Shakti Pumps shares have a beta of 0.5, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 53.2, signaling it's trading neither in the overbought nor in the oversold zone. Shakti Pumps shares are trading higher than 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

In the last one year, the Shakti Pumps stock has surged 59% and risen 117.65% in 2023.

The company has bagged the order under the PM- KUSUM III scheme from the Department of Agriculture, Uttar Pradesh. As per the contract, the company is required to work on the supply, installation and commissioning of solar water pumping systems. The order is to be executed within 90 days from the date of issue of work order.

Shakti Pumps India Limited is a business of manufacturing multiple kinds of pumps including the ones which are submersible, solar, pressure booster, agricultural and a few others, which are used for domestic, industrial and agricultural purposes. The company exports their pumps to almost 100 countries.