Shakti Pumps shares surge on Rs 1,603 crore order from MSEDCL

20 Oct 2023 CW Team

The order is worth around Rs 1,603 crore (including of GST) and would be completed over a 24-month period, according to the company. Earlier this month, on October 7, the company announced that it had received a Letter of Intent from Ajmer Viduyt Vitran Nigam Limited for the implementation of a grid-connected Solar Water Pumping System (Mandatory replacement of existing grid-connected AC Pump with BLDC Pump Sets) under the PM KUSUM Scheme (Component C). The order must be completed within nine months of the date of issue of the LoI and must include five years of full maintenance.

The project entails replacing inefficient electric pump sets with BLDC Solar Pump sets, with the pump set running on solar power and surplus electricity being transmitted to the grid. According to the business, this benefits farmers across India by improving irrigation capacity, lowering reliance on traditional energy, and enabling the option to earn money from surplus power sales to Discoms. SPIL manufactures pumps, motors, and their replacement parts. Engineered Pumps, Industrial Pumps, and Solar Pumps are some of the company's main products. SPIL is now operating in numerous states and anticipates receiving additional orders under the PM-KUSUSM scheme III for about 8.57 lakh solar pumps sanctioned by SECI (Solar Energy Corporation of India) in the near future.

"The Uganda project has also commenced in the year, which aligns with the green energy plans in Africa. Collaboration for similar projects is expected from the adjoining African nations as well. SPIL is already a preferred partner for major export markets in the USA and the Middle East, and efforts are being taken to expand this into other continents as well," the company said in its FY23 annual report.

Shakti Pumps (India) (SPIL) shares reached a record high of Rs 1,108.35 on the BSE after the company received orders worth Rs 1,603 crore from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The stock outperformed its previous high of Rs 963 on October 6, 2023. At 10:19 a.m., the S&P BSE Sensex was down 0.55 percent at 65,514. The company has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company for 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps for the entire state of Maharashtra under Component-B of PM-KUSUM scheme (Phase-III), the company stated in a filing with the stock exchange. The order is worth around Rs 1,603 crore (including of GST) and would be completed over a 24-month period, according to the company. Earlier this month, on October 7, the company announced that it had received a Letter of Intent from Ajmer Viduyt Vitran Nigam Limited for the implementation of a grid-connected Solar Water Pumping System (Mandatory replacement of existing grid-connected AC Pump with BLDC Pump Sets) under the PM KUSUM Scheme (Component C). The order must be completed within nine months of the date of issue of the LoI and must include five years of full maintenance. The project entails replacing inefficient electric pump sets with BLDC Solar Pump sets, with the pump set running on solar power and surplus electricity being transmitted to the grid. According to the business, this benefits farmers across India by improving irrigation capacity, lowering reliance on traditional energy, and enabling the option to earn money from surplus power sales to Discoms. SPIL manufactures pumps, motors, and their replacement parts. Engineered Pumps, Industrial Pumps, and Solar Pumps are some of the company's main products. SPIL is now operating in numerous states and anticipates receiving additional orders under the PM-KUSUSM scheme III for about 8.57 lakh solar pumps sanctioned by SECI (Solar Energy Corporation of India) in the near future. The Uganda project has also commenced in the year, which aligns with the green energy plans in Africa. Collaboration for similar projects is expected from the adjoining African nations as well. SPIL is already a preferred partner for major export markets in the USA and the Middle East, and efforts are being taken to expand this into other continents as well, the company said in its FY23 annual report.