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.

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The 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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