After Bagging A Rs 293-Crore Order Shakti Pumps Shares Rose 14 Per Cent
After Bagging A Rs 293-Crore Order Shakti Pumps Shares Rose 14 Per Cent: Shakti Pumps (India) Ltd.’s shares increased by nearly 14% on Friday to reach a 22-month high after the company received an order for Rs 293 crore.
The Department of Agriculture, Uttar Pradesh, issued a letter of award to the submersible pump maker for 10,000 pumps under the PM-KUSUM III project, under component-B.
Solar water pumping systems will be provided, installed, and put into service by the company. According to a filing with the exchange, the order has to be carried out within 90 days of the day it was issued.
In contrast to a 0.25% increase in the Nifty 50, the company’s shares soared 14.81% before erasing gains to trade 12.16% higher at 10:01 a.m.
The stock has increased 115.7% so far this year. The day’s total traded volume was 13 times higher than the 30-day average as of this writing. The stock may be overbought, according to the relative strength index, which was 64.3 at the time.
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