Stock market: Shakti Pumps zooms over 12% on contract worth ₹293-crore

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Shakti Pumps (India) Ltd.’s shares were up by 12.61 per cent after the company reported securing a contract worth approximately ₹293 crore, inclusive of GST, under the PM-KUSUM III scheme, Component-B. This Letter of Award, issued by the Department of Agriculture, Uttar Pradesh, encompasses the supply, installation, and commissioning of 10,000 solar water pumping systems.

The contract, awarded on a domestic level, comes with a strict execution timeline of 90 days from the date of the work order. This contract not only underscores the company’s commitment to advancing India’s renewable energy goals but also highlights its dedication to promoting eco-friendly agricultural practices, the company said.

The shares were up by 10.63 per cent to Rs 870.85 at 11.02 on NSE.