GK Energy shares rise 6% on ₹354 crore Maharashtra solar water pump order

Shares of GK Energy Ltd. surged as much as 6% on Wednesday, May 6, after the company said it had received a Letter of Empanelment (LoE) from Maharashtra State Electricity Distribution Company Ltd. for 15,000 off-grid DC solar photovoltaic water pumping systems across Maharashtra.The order, awarded under the Magel Tyala Saur Krushi Pump Yojana, is valued at ₹353.89 crore, inclusive of GST, the company said in an exchange filing.

The scope of work includes design, manufacture, supply, transport, installation, testing and commissioning of off-grid DC solar photovoltaic water pumping systems (SPWPS) of 3 HP, 5 HP and 7.5 HP capacities.
Also read: Aurobindo Pharma shares gain after USFDA classifies Telangana facility as VAIThe project is to be executed within 60 days from the issuance of the work order or notice to proceed (NTP), GK Energy said.

The company added that a domestic entity has awarded the contract and does not fall under a related party transaction.

Following the order win, shares of GK Energy jumped nearly 6% and were trading at ₹135.58 as of 9.52 am, up 4.82%. The stock has gained nearly 44% in the last month while providing a negative 19% return over the last year.

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