Shakti Pumps Locked In Upper Circuit After Maharashtra Government Contract
The order includes the design, manufacture, installation, and supply of 3,500 solar photovoltaic water pumping systems, according to an exchange filing.
Shares of Shakti Pumps (India) Ltd. were locked in the 5% upper circuit on Friday after it received an order worth Rs 93 crore from the Maharashtra government.
The order from the Maharashtra Energy Department includes the design, manufacture, installation, and supply of 3,500 solar photovoltaic water pumping systems, according to an exchange filing.
Shares of the company were locked in the 5% upper circuit at Rs 1,279.65 apiece, the highest level since March 7 as of 10:22 a.m., compared to a 0.72% advance in the NSE Nifty 50.
The stock has risen 215.41% in past 12 months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 46.91.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 38.0%.
