Shakti Pumps hits record high with Rs 1,603 cr orders from MSEDCL

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Shakti Pumps hits record high with Rs 1,603 cr orders from MSEDCL

Shakti Pumps hits record high with Rs 1,603 cr orders from MSEDCL

Industry News
Oct 23,23

According to the company's filing with the exchange, the total order value amounts to approximately Rs 1,603 crore, inclusive of GST, and is slated to be completed over the course of 24 months.

Shakti Pumps hits record high with Rs 1,603 cr orders from MSEDCL

Shares of Shakti Pumps (India) Limited (SPIL) surged by 20% to reach a record high of Rs 1,108.35 on the Bombay Stock Exchange (BSE) following the company's announcement of securing orders worth Rs 1,603 crore from Maharashtra State Electricity Distribution Company Limited (MSEDCL). This significant milestone marked a substantial increase from its previous peak of Rs 963 recorded on October 6, 2023.

The achievement was attributed to SPIL's reception of a Letter of Empanelment from Maharashtra State Electricity Distribution Company for the implementation of 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) pumps throughout Maharashtra under Component-B of the PM-KUSUM scheme (Phase-III). According to the company's filing with the exchange, the total order value amounts to approximately Rs 1,603 crore, inclusive of GST, and is slated to be completed over the course of 24 months.

Earlier in the month, on October 7, SPIL had disclosed receiving a Letter of Intent worth Rs 149.71 crore (inclusive of GST) for the execution of grid-connected Solar Water Pumping Systems (mandatory replacement of existing grid-connected AC Pump with BLDC Pump Sets) under PM KUSUM Scheme (Component C) from Ajmer Viduyt Vitran Nigam Limited. This order is set to be fulfilled within nine months from the date of the LoI issuance, with an additional 5-year comprehensive maintenance period.

The projects undertaken by SPIL involve replacing inefficient electric pump sets with BLDC Solar Pump sets, enabling the operation of pump sets through solar power and enabling surplus electricity to be sent back to the grid. These initiatives benefit farmers across India by enhancing irrigation capabilities, reducing reliance on conventional energy sources, and offering opportunities to earn revenue from surplus power sales to Distribution Companies (Discoms).

Apart from its domestic endeavours, SPIL has also embarked on the Uganda project, aligning with green energy initiatives in Africa. The company anticipates collaborating on similar projects with neighbouring African nations. SPIL, already a preferred partner in major export markets like the USA and the Middle East, is actively working to expand its presence to other continents, as highlighted in its FY23 annual report.

Source: Business Standard