Shares of Shakti Pumps (India) Ltd ended 5% lower on Monday even as the board of the firm recommended issue of bonus shares in the ratio of 5:1. The board also approved the increase in the authorized share capital of the company from Rs 40 crore to Rs 190 crore. Shakti Pumps shares closed 4.90% lower at Rs 4309.40 in the current session against the previous close of Rs 4531.45 on BSE. Total 0.33 lakh shares of Shakti Pumps changed hands amounting to a turnover of Rs 14.20 crore. Market cap of the firm slipped to Rs 8,633.93 crore.
Shakti Pumps stock hit a 52 week low of Rs 881.05 on October 10, 2023 and a 52 week high of Rs 5089.30 on August 6, 2024. Shakti Pumps shares have a beta of 0.4, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 59.2, signaling it's trading neither in the overbought nor in the oversold zone. Shakti Pumps shares are trading higher than 10 day, 20 day, 100 day, 150 day, 200 day but lower than the 5 day, 30 day and 50 day moving averages.
In the last one year, the Shakti Pumps stock has surged 370% and risen 741% in two years. This year, the stock has rallied 318%.
"We hereby inform that the Board of Directors of Shakti Pumps (India) Limited at its Meeting held today i.e. Monday, October 07, 2024, through video conferencing have inter-alia considered the following business: -
1. Approved the increase in the Authorized Share Capital of the Company from Rs. 40,00,00,000/- (Rupees Forty Crores Only) to Rs. 190,00,00,000/- (Rupees One Hundred Ninety Crores only) subject to approval of Members of the Company through postal ballot process.
2. Recommended issue of Bonus Shares in the ratio of 5:1 i.e., 5 (Five) new fully paid up equity share of Rs.10/- (Rupees Ten only) each for every 1 (One) existing fully paid up equity share of Rs.10/- (Rupees Ten only) each to the eligible Shareholders of the Company as on the record date, subject to the approval of Members of the Company through postal ballot process."
3. Approved the Appointment of Mr. Ramakrishna Sataluri (DIN: 08903553) as an Additional cum Non-Executive & Non-Independent Director of the Company, subject to the approval of Members of the Company through postal ballot process.
Shakti Pumps India Limited is a business of manufacturing multiple kinds of pumps including the ones which are submersible, solar, pressure booster, agricultural and a few others, which are used for domestic, industrial and agricultural purposes. The company exports their pumps to almost 100 countries.