Shakti Pumps shares were trading 3% above on 12 October after the company’s Board of Directors approved Rs 114.29 crore investment in its wholly-owned subsidiary.

The board has approved the provision of funds to Shakti EV Mobility Private Ltd in one or more tranches over the period of five years.

On 7 October, the company received a LoI (letter of intent) for the implementation of a grid-connected solar water pumping system under the PM KUSUM ( Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) Scheme from Ajmer Viduyt Vitran Nigam Limited for Rs 149.71 crore.

In August, the company received its first-ever work order under the KUSUM-3 scheme for 7,781 pumps for a work order of around Rs 358 crore from the Haryana Renewable Energy Department.

The company is engaged in the business of manufacturing pumps and motors of various kinds and offers advanced water pumping solutions to a wide range of applications, including horticulture, irrigation, domestic water supply, and industrial and commercial applications.

At 10:50 am, the shares of Shakti Pumps were trading at Rs 909.10 or 2.12% above its previous close on NSE.