The shares of Oswal Pumps continued to trade in the red on Friday, October 30, despite the company bagging an additional order from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). Oswal Pumps shares had already hit a fresh 52-week low of ₹201.10 earlier today after falling 4.2% intraday. The stock has declined in 10 of the last 12 trading sessions.
The company received an order valued at ₹ 235.92 crore (including GST) from the state's electricity distributor for the supply and installation of 10,000 Off-Grid Solar Photovoltaic Water Pumping Systems, according to a regulatory filing on Friday. Off-grid solar water pumping systems use electricity generated by solar panels to run pumps, either directly or through a controller. They are suited to remote areas where connecting to the power grid is difficult or expensive.
The systems typically operate during daylight, pumping water into elevated tanks for use at night. The filing states that the company would handle the design, manufacture, supply, transport, installation, testing and commissioning of the said water pumping systems of 3 horsepower (HP), 5 HP, and 7.5HP capacity at identified farmers' sites in the state. The company must complete installation within 60 days of the date of issuance of Notice to Proceed (NTP)/Work Order, the filing said.
The order also includes the complete system of warranty and its repair and maintenance and Remote Monitoring System (RMS) for 5 years under the scheme under the PM-KUSUM B Scheme " “Magel Tyala Saur Krishi Pump." The order win comes after the company bagged an order valued at the same amount from the same awarding entity on July 4 this year. "Maharashtra remains a key market for us, and this repeat order further reinforces our long-standing association with MSEDCL,” said Vivek Gupta, chairman and managing director of the company. How the markets reacted The company's shares were trading 3.26% lower as of 1.16 pm at ₹203 following the order win on Friday.
The company's shares have fallen more than 61% in the year-to-date period, and about 72% in the trailing 12-month period. Also Read: Aether Industries Q2 Results: Profit rises 26% as CEM, CRAMS drive revenue growth Tags Home / Market News / Oswal Pumps shares fall despite ₹236 crore MSEDCL order win; stock hits fresh 52-week low
Source: CNBC TV18
