HPL Electric & Power

The uptick in the HPL Electric & Power share price came after the company announced that it has bagged an order worth R 144 crore.

HPL Electric & Power hit a new high of Rs 548.80, rallied 17% in Wednesday's intra-day trade after the company received work orders worth Rs 2,101 crore for the supply of smart meters.

The stock of HPL Electric & Power hit a new high of Rs 273.55, and was trading higher for the fourth straight day on Monday

In August, HPL Electric and Power won an order worth Rs 417 crore from West Bengal State Electricity Distribution Company

The Indian smart metering market, with a staggering 250 million metering points, is on the cusp of exponential growth

With this, the total pending order book pipeline now stands at Rs 2,267 crore

The stock hit a new high of Rs 199.85, rallied 8% in an otherwise weak broader market.

HPL said these orders further bolster the company's total pending pipeline order book, now totaling Rs 2250 plus crore

The implementation of government schemes has significantly helped the industry, and we are witnessing tangible results, said the company CEO

The management expects that the demand for the company's products from the domestic markets to continue unabated over the rest of FY23

HPL Electric & Power on Tuesday said it has won an order worth Rs 178.9 crore for supplying smart meters. The order has been received from the largest private utility of a state in eastern India, it said in a BSE filing. This further strengthens HPL Electric & Power's leadership position in smart meter manufacturing sector across the Indian market, it added. At a time when reports of power shortages are making headlines, smart meters will definitely reduce distribution losses, remove theft and pilferage of power. "This is a big win for us, fortifying our leadership position in smart meter technology once again," the company's Joint Managing Director Gautam Seth said. "At a time when country is facing several challenges due to the present scenario, this project comes at a crucial juncture when Indian government has earmarked a sum of Rs 22,500 crore as the central government grant for the installation of 25 crore smart prepaid meters across the country under the Rs 3-lakh-crore

The stock was down 12% to Rs 111 on BSE, trading 45% below its initial public offer price of Rs 202 per share.

This is the second firm to list at a discount to issue price after ICICI Pru Life which listed 1% below its issue price

The stock got listed at Rs 190, 6% below its issue price of Rs 202 per share on the National Stock Exchange