GK Energy wins ₹366 crore solar pump order from MSEDCL; Stock trades near IPO price

GK Energy Ltd on Thursday, December 11, announced that it has received a Letter of Empanelment/Letter of Award from the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the supply and installation of 13,239 off-grid DC solar photovoltaic water pumping systems across the state.

The project, awarded under the Magel Tyala Saur Krushi Pump Yojana / PM-KUSUM B Scheme, carries a total value of ₹366.63 crore, the company said in an exchange filing.

Also read: Shakti Pumps shares gain over 12% after securing ₹444 crore solar pump order from MSEDCL

The order covers 3 HP, 5 HP and 7.5 HP solar pumping systems, and the scope of work includes design, manufacture, supply, transport, installation, testing and commissioning of the units. The contract is to be executed within 60 days from the issuance of the formal work order or notice to proceed.

The company has been expanding its footprint in decentralised solar pumping solutions, with PM-KUSUM continuing to drive procurement from state utilities.

Shares of GK Energy made a debut on the stock exchanges in September, with its shares listing at ₹171 on the NSE, at a premium of 11.76% over the IPO issue price of ₹153. On the BSE, the shares debuted at a premium of 7.8% at ₹165.

Along with GK Energy, Shakti Pumps also received an order under the PM Kusum scheme on Thursday, worth nearly ₹450 crore, taking the stock higher by 12%. You can read more on that here.

Shares of the company have been trading at 2.2% higher at ₹147.9 as of 2 pm on Thursday, December 11. The stock has dropped 21.84% in the last one month and is trading around its IPO price of ₹153.