Shares of Shakti Pumps surged 5% on Friday after winning ₹558 crore order from the Uttar Pradesh government.

What Happened: Shakti Pumps in a regulatory filing said it received a letter of intent from the Department of Agriculture of Uttar Pradesh to supply, install and commission solar water pumping systems. 12,537 pumps will be provided to Uttar Pradesh under the Component-B of PM-KUSUM scheme (Phase-III), the company said. 

The total value of the order is ₹558.16 crore which includes GST and the work needs to be executed by March 31, 2025.

See Also: Infosys Says Karnataka Government Withdraws GST Evasion Notice 

Shakti Pumps is mainly engaged in the manufacturing of pumps and motors which includes solar pumps, submersible pumps, open well pumps, submersible motors and  surface motors. The company holds a 24% market share in the domestic solar Pump Market under the PM KUSUM scheme

Price Action: Shares of Shakti Pumps rose 5% and hit the upper circuit at ₹4,686.75 on Friday. The shares have surged over 570% in the last 1 year. 

Read Next: Tata Motors CFO Finds India’s New EV Policy Not Suitable For JLR