HPL Electric & Power surges 20% to touch fresh 52-week high on ₹2100 cr order win

In an exchange filing, HPL Electric & Power said the new orders are for the supply of smart meters in the normal course of business.

The order amount represents around 59% of HPL Electric & Power’s market capitalisation, which at around 3 pm on July 11, stood at ₹3,616.26 crore.

The stock began trading in the morning session at ₹470.70 per share, marginally higher than its previous close of ₹468.70. It quickly gained momentum, soaring to an intraday and 52-week high of ₹562.40.

On July 8, HPL Electric & Power announced that it had signed a memorandum of understanding (MoU) with Guangxi Ramway Technology Co. Ltd, a China-based company, to establish local manufacturing capabilities for the assembly of relay and latching relays in India. The deal is expected to involve phased manufacturing, technical collaborations and equipment procurement.

On May 15, HPL Electric & Power released its financial results for the quarter and year ended March 31, 2024. The company reported a 15.7% increase in revenue from operations to ₹1460.86 crore for the full financial year, attributed to strong sales in its metering, systems and services segments and advancements in smart metering technology. Profit after tax (PAT) increased by 44.22% to ₹43.63 crore in FY24.

HPL Electric & Power specialises in electrical and power distribution equipment. The company’s product portfolio includes cables, energy-saving meters, industrial and domestic circuit protection switchgear, as well as CFL and LED lamps.