India's Shakti Pumps hits record high on over $190 mln order win

Shakti Pumps (India)

19/10/2023 05:38

** Shares of Shakti Pumps (India)  SHPU.NS  soar as much as
16.1% to a record high of 1,074.70 rupees    
    ** Stock most active since Sept. 15
    ** Pumps and motors maker receives letter of empanelment
from Maharashtra State Electricity Distribution Company for
50,000 off-grid solar photovoltaic water pumping systems
    ** Says total value of pumps is around 16.03 bln rupees
($192.53 mln); contract to be executed over 24 months
    ** More than 2 mln shares changed hands by 10:04 a.m. IST,
5.4x the 30-day avg
    ** As of last close, SHPU shares have more than doubled YTD

($1 = 83.2590 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))