Oswal Pumps, Shakti Pumps Rally on Solar Order Wins

Oswal Pumps and Shakti Pumps surged on Monday after both companies bagged fresh solar pump orders from Maharashtra’s MSEDCL.

Shares of Oswal Pumps touched a day’s high of Rs 444.30 on the NSE, while Shakti Pumps climbed to Rs 621.90. Both stocks rose sharply in early trade before easing a little as the session went on.

The orders fall under the PM-KUSUM Component-B scheme, a central government programme that helps farmers install solar-powered water pumps in areas with limited or no grid connectivity.

Oswal Pumps has bagged an order worth Rs 235.92 crore from MSEDCL for 10,000 off-grid solar water pumping systems.

The company will handle everything from design and manufacturing to installation and testing, covering pumps ranging from 3HP to 7.5HP.

The deal also includes a five-year warranty and a remote monitoring setup. Shakti Pumps landed the bigger of the two deals, worth Rs 353.89 crore for 15,000 solar pumping systems to be set up across the state.

Both companies must finish installation within 60 days of receiving the work order. For Shakti Pumps, this order comes as a fresh trigger.

In its March quarter results, the company had reported a 65.2% drop in net profit to Rs 38.33 crore, even as revenue climbed 28.9% year-on-year.

Both stocks have eased a little from their morning peaks. At 12:30 pm, Oswal Pumps was trading at Rs 428, up 4.53% on the NSE. Shakti Pumps stood at Rs 594, up 3.47%, at 12:31 pm.

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