Wed. Sep 20th, 2023
    Shakti Pumps India Share Price: Company’s Shares Surge After Receiving Orders from Two State Governments

    Shakti Pumps India Limited, a company specializing in manufacturing various types of pumps, has recently received significant orders from the governments of Uttar Pradesh and Haryana in India. This has resulted in a surge in the company’s share price in the stock market. Over the past six months, Shakti Pumps’ shares have doubled investors’ money, providing substantial returns.

    Under the PM Kusum Yojana, the company has secured a contract to supply 10,000 pumps to the Agriculture Department of the Uttar Pradesh government, amounting to approximately INR 293 crores. Additionally, Shakti Pumps has also received an order from the Haryana government to supply around 7,781 pumps under the same scheme, with a contract value of approximately INR 358 crores.

    This surge in orders from government initiatives such as the PM Kusum Yojana has significantly boosted the company’s market capitalization, which currently stands at around INR 1,057 crores.

    Shakti Pumps’ share price has witnessed a remarkable growth of 21.11% in the past month, reaching a record level of INR 927.70 in the last 52 weeks, with a low of INR 381.00. The stock’s relative strength index (RSI) currently stands at 53.2, indicating that it is neither in the overbought nor oversold zone.

    The company’s revenue for the first quarter of the current financial year was approximately INR 113 crores, with a net profit of INR 8.46 crores. Shakti Pumps exports its products to nearly 100 countries worldwide, catering to residential, industrial, and commercial sectors.

    Disclaimer: This article provides information solely on the performance of the company’s shares and should not be considered as investment advice. Investing in the stock market carries risks, and it is advisable to consult with a financial advisor before making any investment decisions.

    Sources: The original source article was not provided with URLs