Shakti Pumps Stocks: For the second day in a row, Shakti Pumps shares were trapped at a 5% upper circuit on February 6 at Rs 874 per share. The rally comes after the company received a recent order for 877 Solar Photovoltaic Water Pumping Systems (SPWPS)—worth Rs 24 crore—from the MEDA (Maharashtra Energy Department Agency) as part of Component B of the PM-KUSUM scheme. Let’s learn more about Shakti Pumps stocks.
Overview of Shakti Pump Limited
Since 1982, Shakti Pumps (India) Limited has been a leader in the production of energy-efficient motors and pumps. The business is leading the way in offering a range of sustainable energy solutions, mostly for the agricultural industry. The company’s research and development department has created more than 1200 of its products in-house. Innovation is the foundation of the company’s operations, with 3–4% of its net earnings going towards research and development. In order to satisfy India’s irrigation and pumping needs, the company is steadfast in its resolve to innovate and create cutting-edge goods.
Shakti Pump Product Line
Located in Pithampur, Madhya Pradesh, in central India, Shakti Pumps boasts a large, state-of-the-art manufacturing plant that can install up to 5 million pumps annually. Shakti Pumps has grown steadily over the years and is now among India’s top exporters of pumps. The company ships its goods to more than 120 nations. Agriculture, irrigation, industrial processes and applications, high-rise building pressure boosting, rural and urban community water supply systems, waste and sewage water treatment, firefighting, and other applications are primarily served by the company’s product line.
Shakti Pumps Stocks & Recent Project
The MEDA project is the main topic for the company as of now. As part of the project, 877 SPWPS units will be designed, manufactured, supplied, transported, installed, tested, and put into service throughout Maharashtra. Once the work order is received, the company has 120 days to finish the project. This is one of the major reasons behind the fluctuations in Shakti Pumps stocks. Shakti Pumps stocks have increased by 14% over the last three months, outpacing the market as a whole, as indicated by the index (Nifty 50), which has decreased by 9% over the same time frame.
Considering the financials, the operating revenue of the company increased 31% to Rs 648.8 crore in the just-finished third quarter, and the company’s net profit soared 130 percent year over year (YoY) to Rs 104 crore. The third quarter’s financial statistics show significant increases in net profits and revenue, indicating promising future possibilities for the business.
Conclusion
The company has performed well in the market, and the price of Shakti Pumps stocks has significantly increased since MEDA announced their Rs 24 crore deal. With a strong order book and a focus on growing its production capabilities, the company keeps solidifying its position in the industry of solar pumps.
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