Shares of Shakti Pumps (India) Ltd witnessed a remarkable 9% surge on Friday following the company’s successful bid for a substantial order worth ₹258 crore from the renewable energy department of the Haryana government. The order pertains to the supply of solar water pumping systems, marking a significant milestone for Shakti Pumps in the sustainable energy sector.
Order Scope and Timeline: The comprehensive scope of work includes the supply, installation, and commissioning of solar water pumping systems, as detailed in Shakti Pumps’ filing with the stock exchange. The company has committed to completing the order within a swift timeframe of 90 days, demonstrating its efficiency in project execution.
Strategic Success Under KUSUM‐3 Scheme: This latest accomplishment marks Shakti Pumps’ second work order under the KUSUM‐3 scheme from the Haryana renewable energy department. The order encompasses the supply of 6,408 pumps, further solidifying the company’s presence in the renewable energy landscape.
Leveraging Opportunities Across States: In a strategic move earlier in October, Shakti Pumps received a letter of empanelment from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The company secured this empanelment for the supply of 50,000 off-grid solar photovoltaic water pumping systems under Component-B of the PM-KUSUM scheme (Phase III). The order’s total value amounted to nearly ₹1,603 crore, reflecting Shakti Pumps’ ability to tap into opportunities across states.
The PM-KUSUM Initiative: The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) initiative, introduced in 2019, aims to establish 10,000 MW decentralized grid-connected renewable energy power plants on unproductive land. This initiative goes beyond corporate entities, empowering farmers, cooperatives, and panchayats to install renewable energy-based power plants, fostering cleaner energy practices in the agricultural sector.
Under the PM-KUSUM scheme, beneficiaries can deploy standalone solar agriculture pumps with capacities ranging from 500 KW to 2 MW. These solar pumps serve as sustainable alternatives to conventional diesel agriculture pumps, particularly in off-grid areas without access to grid supply.
Market Response: As of 11:14 am, Shakti Pumps’ shares were trading 3.71% higher at ₹1,040.7 apiece on the BSE, reflecting the positive market sentiment in response to the company’s latest achievement in securing a substantial order in the renewable energy domain.
