Shakti Pumps shares surge 5% following investment in solar energy subsidiary

Shares of Shakti Pumps surged 4.94 percent to ₹977.00 on the BSE at 11.26 am and reached a 52-week high of ₹977.55 on Tuesday.

The company recently announced its plans to invest ₹4 crore in its wholly-owned subsidiary, Shakti Energy Solutions Private Limited (SESPL).

Furthermore, this investment will be used to bolster SESPL’s solar energy business, which primarily focuses on manufacturing solar structures.

According to its exchange filing, SESPL, incorporated in 2010, has been steadily growing its operations. In FY24, the company recorded a turnover of ₹139.59 crore.

The investment from Shakti Pumps is expected to further accelerate SESPL’s growth and expand its market presence.