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Shares of HPL Electric & Power surge on securing an order for smart meters

13 February 20243 mins read by Angel One
The company strengthens its position in the smart metering space with a significant contract win.
Shares of HPL Electric & Power surge on securing an order for smart meters
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About the Order

HPL Electric & Power Limited (HPL), a leading manufacturer of electrical equipment, has scored a major victory, securing an Rs181 crore (inclusive of tax) order for smart meters from a prominent Accelerated Metering Infrastructure Scheme (AMISP) client. This significant contract, awarded in the normal course of business, underlines HPL’s growing presence and expertise in the smart metering domain.

The order signifies HPL’s commitment to supporting India’s smart metering initiatives, aligning with the national goal of deploying 250 million smart meters by 2025. The company will supply smart meters as per the terms and conditions outlined in the Letter of Award (LoA). This win reinforces HPL’s strong industry relationships and its ability to deliver advanced metering solutions.

This contract is expected to boost HPL’s revenue and profitability in the upcoming quarters. It further strengthens the company’s position as a key player in the smart metering market. The deal underscores the growing demand for smart meters in India, paving the way for future growth opportunities for HPL.

Share Price Movement

HPL Electric & Power shares currently trading at Rs 309, a significant jump of Rs 16.35 or 5.59% compared to the previous closing price of Rs 292.65. This upward trend comes after the stock opened trading slightly higher at Rs 293.60 and even reached a high of Rs 313.55 during the day, showcasing strong investor confidence. While it did experience a slight dip to Rs 282, the overall upward trajectory is encouraging. It’s worth noting that HPL’s current price remains below its 52-week high of Rs 346.90, but still significantly exceeds its 52-week low of Rs 74.10.

About the Company

HPL Electric & Power Private Limited, formerly HPL-Socomec Private Limited, is an Indian electric equipment manufacturing company that supplies switchgear, lighting equipment, and wires and cables to various customers. Established in 1992, it operates two tool rooms in Gurgaon and Kundli and seven manufacturing facilities across Haryana and Himachal Pradesh, catering to both consumer and institutional customers in the electrical equipment industry.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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