Shakti Pumps Shares gained 11% on 15 September after the company received a letter of award from the Department of Agriculture, Uttar Pradesh for 10,000 pumps worth Rs 293 crore.

The company said in its regulatory filing that it has received a letter of award under the PM – KUSUM III scheme under component-B from the Department of Agriculture, Uttar Pradesh for 10,000 pumps.

It added, “The total amount of the work order is approximately Rs 293 crore, inclusive of GST.”

The order said the company will supply, install, and commission solar water pumping systems and has to be executed within a 90-day time period.

Shakti Pumps is engaged in manufacturing of motors and pumps of different kinds, and also offers advanced water pumping solutions to a wide range of use such as domestic water supply, horticulture, irrigation, industrial and commercial application.

In its quarterly report for the April-June quarter, the company reported a 88.6% YoY decrease in its net profit at Rs 1 crore, the company’s revenue from operation was 55.57% YoY below at Rs 113.06 crore against the Rs 254.48 crore from the year-ago quarter.

At 3:30 pm, the shares of Shakti Pumps closed at Rs 866 or 10.02% above its previous close on NSE.