HPL Electric soars after inking MoU with China-based Guangxi Ramway Tech

HPL Electric & Power surged 5.17% to Rs 474.95 after the company announced the signing of a memorandum of understanding (MoU) with Guangxi Ramway Technology Co. Ltd, China.

This MoU paves the way for local manufacturing of relay/latching relays in India through a phased approach, potentially involving technical collaboration and component procurement.

HPL Electric & Power leading players and Indias fastest growing electrical and power distribution equipment manufacturer with products ranging from industrial and domestic circuit protection switchgears, cables, energy saving meters, CFL & LED lamps.

The companys consolidated net profit jumped 21.87% to Rs 13.71 crore on a 16.91% increase in revenue to Rs 424.09 crore in Q4 FY24 as compared with Q4 FY23.

 

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