Pump stocks rally on budgetary sops; Shakti, Roto Pumps zoom 20%

While presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman said that 2 million farmers would be provided funds to set up grid-connected 1.5 million solar pumps.

Shares of pumps maker rallied by up to 20 per cent on the BSE in an otherwise weak market on Saturday after Finance Minister Nirmala Sitharaman announced expansion of Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM KUSUM) Scheme under which 2 million farmers would be provided funds to set up standalone solar pumps.

Shakti Pumps (India) was locked in the upper circuit band of 20 per cent at Rs 293 on the BSE. The trading volumes on the counter jumped over 13-fold with a combined 3.12 million shares changing hands on the NSE and BSE. There were pending buy orders