Small-cap stock Oswal Pumps jumped almost 4% in intraday trade on the BSE on Wednesday, December 24, after the company announced it had received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a ₹180 crore project under PM KUSUM-B. Oswal Pumps’ share price opened at ₹532.40 against its previous close of ₹530.75 and jumped 3.6% to an intraday high of ₹549.80.
In an exchange filing on December 24, Oswal Pumps said: “The company has received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited for an additional 6,500 off-grid DC solar photovoltaic water pumping systems (SPWPS), which is to be executed within one year under the PM Kusum B scheme “Magel Tyala Saur Krishi Pump” Yojna. The total value of 6,500 SPWPS is approximately ₹180 crore.”
The letter of empanelment is valid up to one year.
The terms and conditions of the contract include design, manufacture, supply, transport, installation, testing and commissioning of off-grid DC SPWPS of 3HP, 5 HP and 7.5 HP capacity at identified farmers’ sites in the district of Maharashtra, including a complete system warranty and its repair and maintenance and a remote monitoring system for five.
Oswal Pumps share price trend
Shares of Oswal Pumps were listed on Indian bourses on June 20 this year. It was listed at ₹634 on NSE, a premium of just 3.2% from its issue price of ₹614. On the BSE, it listed at ₹632, up 2.9% from the issue price.
On a monthly scale, the small-cap stock is down by 2% in December so far after a 24% decline in November.
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