Shakti Pumps rises 9% after receiving advances from Uganda Govt

New Delhi: Shares of Shakti Pumps zoomed as much as 9 per cent during the early trade on Tuesday after the company received advances from the government of Uganda.

In an exchange filing, the company said, "Shakti Pumps (India) has received an advance worth $6 million from EXIM Bank on behalf of the government of Uganda to supply solar-powered water pumping system."

The company will begin the project execution from October 2022 which was awarded to it in March 2021 from the Government of Uganda, and is worth $35.3 million, exclusive of VAT, the filing added.

Following the development, shares of Shakti Pumps jumped 9 per cent to Rs 526 on Tuesday, before trading at Rs 517.55 at 9.45 am. The scrip had settled at Rs 484.70 on Monday.

Going forward, the successful implementation of solar pumps in Uganda would likely encourage other African countries to partner with us for similar mid-sized projects.

Shakti Pumps already has the approval of two patents for its unique products out of the already filed 29 patents, giving the company an edge over peers in India and international markets in the renewable energy space.

Shakti Pumps (India) began its business as a core pumping solutions company and went on to manufacture India’s first ever 100 per cent stainless-steel pumps & energy efficient motors.