Shakti Pumps (India) Limited informed the exchanges that it has made a significant investment of ₹4 crore in its wholly owned subsidiary, Shakti Energy Solutions Private Limited (SESPL).
By subscribing to 4 crore equity shares, this move is aimed at further expanding the subsidiary’s operations. SESPL, which focuses on the manufacturing of solar structures and deals in polyhouses, solar rooftops, and other renewable energy solutions, will benefit from this capital infusion, enabling it to scale up its business and enhance product offerings.
Amid this announcement, on December 16, 2024, Shakti Pumps share price opened at ₹944.30, up from its previous close of ₹899.35. At 10:23 AM, the share price of Shakti Pumps (India) was trading at ₹944.30, up by 5.00% on the NSE. Notably, today, the stock touched its 52-week high at ₹944.30.
SESPL has demonstrated a solid financial performance over the years, with a notable increase in its turnover. For FY24, SESPL recorded a turnover of ₹139.59 crore, reflecting significant growth from ₹99.15 crore in FY23. The company had a slightly higher turnover of ₹154.63 crore in FY22.
The investment aligns with Shakti Pumps’ broader strategy of investing in clean energy and reinforcing the growth of its subsidiaries. SESPL’s contribution to Shakti Pumps’ business is expected to grow, furthering its mission to provide sustainable energy solutions through innovative products in the solar energy space.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 16, 2024, 11:00 AM IST
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