Shares of GK Energy Ltd. surged as much as 6% on Wednesday, May 6, after the company announced receiving 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. According to reports from CNBC TV18, the order is valued at ₹353.89 crore, inclusive of GST, and was awarded under the Magel Tyala Saur Krushi Pump Yojana.
The comprehensive project involves the design, manufacture, supply, transport, installation, testing and commissioning of off-grid DC solar photovoltaic water pumping systems with capacities of 3 HP, 5 HP and 7.5 HP. As reported by CNBC TV18, the project must be executed within 60 days from the issuance of the work order or notice to proceed (NTP). The company confirmed that a domestic entity has awarded the contract and it does not fall under a related party transaction.
Following the order announcement, shares of GK Energy jumped nearly 6% and were trading at ₹135.58 as of 9:52 am, representing a 4.82% increase. According to CNBC TV18, the stock has gained nearly 44% in the last month while providing a negative 19% return over the last year. The significant market response reflects investor confidence in the substantial contract value and execution capabilities of the company.
