Today morning’s highlight is Shakti Pumps shares. During the early trade hours of Thursday morning, the shares of Shakti Pumps hit a 52-week-high share price as it surged by 11 percent taking it to the value of 1034.90 during the early trade hours on Thursday morning. Notably, the substantial increase in the share price of Shakti Pumps was seen after MSEDCL (Maharashtra State Electricity Distribution Company Limited) sent a letter of empanelment. Since traders saw the sudden spike in the share prices, they have been keen to know what was in the Letter of Empanelment. We have explained everything that the Letter of Empanelment brought with it. Kindly stick with this page and go through it till the end. Swipe down the page.
Following the Letter of Empanelment, the prices for Shakti Pump increased by 11 percent taking its price to 1034.90. Talking about the Letter of Empanelment which has been talked about since Thursday morning, includes 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems for Maharashtra state, which will be used under Component-B of the third phase of the PM-KUSUM scheme. Reportedly, the 50,000 Off-GZrid Solar Photovoltaic Water Pumping Systems pumps have a total value of Rs1603 crore including GST which will be executed for the next two years. Shift to the next section and read more details.
The news of a surge in share prices of Shakti Pumps came after the board members of the company last week agreed to invest Rs114.29 crore in subsidiary Shakti EV Mobility Pvt Ltd. Kindly note that the board of members approved the investment of Rs 114.29 crore in Shakti EV Mobility Private Ltd in one or more tranches for the next five years. On Saturday, October 7, 2023, Ajmer Vidyut Vitran Nigam Ltd sent a Letter of Intent to Shakti Pumps. Swipe down the page to know what was in the Letter of Intent sent by Ajmer Vidyut Vitran Nigam Ltd.
According to the reports, the Letter of Intent sent by Ajmer Vidyut Vitran Nigam Limited was Rs 149.71 crore received by Shakti Pumps under the PM-KUSUM Scheme (Component C) for the implementation of the grid-connected solar water pumping system. The company received its first work order under the KUSUM-3 scheme in August from the Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. Reportedly, the total sum of the work order was around Rs 358 crore. Stay tuned to this website for more details and further updates.