Shares of Shakti Pumps skyrocketed over 14% as the markets opened on Monday to hit an intraday high of ₹903.75.
What Happened: The company on Friday announced bagging a ₹293 crore letter of award under the PM- KUSUM III scheme from the Department of Agriculture, Uttar Pradesh for 10,000 pumps.
The project involves the supply, Installation and commissioning of solar water pumping systems. The company expects to complete the work within 90 days of the issue of word order.
Earlier in the month, the company had announced receiving a patent for inventing a "high starting torque direct line operated energy efficient motor.” The company says that the new motor not only significantly improves motor efficiency, but also leads to reduced electric consumption associated cost savings, and environmental benefits.
The stock has been on an impressive rally this year. In the past six months, the stock has gone up over 116%, giving multi-bagger returns to investors.
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Price Action: Shakti Pump’s share price was up 12.56% to trade at ₹886 in early trade on Friday.
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