Shakti Pumps shares hit a 20% upper circuit and were locked at Rs 1,110.50 on 19 October after the company announced receiving a mega order from Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The company has received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited for 50,000 off-grid solar photovoltaic water pumping systems pumps for the entire state of Maharashtra under the Prime Minister Kisan Urja Suraksha evam Utthan Mahabhiyan (PM KUSUM) scheme phase III.

The cumulative value of 50,000 pumps is around Rs 1,603 crore, and the said order has to be executed over a period of 24 months.

Last week, the company’s Board of Directors approved Rs 114.29 crore investment in Shakti EV Mobility Private Limited, its wholly-owned subsidiary, in one or more tranches for five years.

On 7 October, the company received a LoI (letter of intent) for a grid-connected solar water pumping system under the PM-KUSUM Scheme from Ajmer Vidyut Vitran Nigam Ltd for a total consideration of Rs 149.71 crore.

The company received its first work order under the PM-KUSUM Scheme in August from the Haryana Renewable Energy Department for the supply of 7,781 pumps that amount to a total of Rs 358 crore.

At 11:03 am, Shakti Pumps shares were locked 20% above at Rs 1,110.50 on NSE.