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Shares of HBL Engineering rallied over 8 per cent on Wednesday after it received approval for version 4.0 of the Kavach Systems.
HBL Engineering’s stock rose as much as 8.2 per cent during the day to ₹549.8 per share, the highest level since February 10 this year. The stock trimmed gains to trade 7.8 per cent higher at ₹545 apiece, compared to a 0.54 per cent decline in Nifty 50 as of 11:28 AM.
Shares of the company extended gains to their third day and have risen over 21 per cent from their lows of ₹452 early this month. The stock has fallen 12 per cent this year, compared to a 4.5 per cent fall in the benchmark Nifty 50. HBL Engineering has a total market capitalisation of ₹15,222.1 crore, according to BSE data.
Approval from RDSO
The company informed the stock exchanges that it received approval from the Research Designs and Standards Organisation (RDSO) for Version 4.0 of the Kavach Systems. HBL Engineering is the first ever company to receive such approval, it said in the filing.
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It added that the firm can begin deliveries of the latest version of the Kavach System against a total accumulated order book of ₹3,763.83 crore. These contracts will be completed within 24 months, it said.
What is Kavach System?
Kavach is an automatic train protection system for enhancing the safety of running trains. It has been developed indigenously by the RDSO in association with three Indian vendors.
Kavach not only helps locopilots avoid signal-passing but also helps in train running during inclement weather, such as dense fog, leading to enhanced safety and efficiency of operations.
About HBL Engineering
HBL Engineering specialises in designing, manufacturing, and supplying a wide range of power solutions. Founded in 1977, the company has earned recognition in various industries, including telecommunications, defence, energy, railways, and renewable energy. HBL is particularly known for its expertise in providing backup power solutions, such as batteries, inverters, and energy storage systems. The company’s products are widely used in mission-critical applications where reliable power is essential.
In the third quarter, HBL Engineering reported a decline of 26 per cent in consolidated net profit year-on-year (Y-o-Y) to ₹58.38 crore as compared to ₹78.45 crore. Its revenue for the quarter under review slipped 24.8 per cent to ₹450.5 crore as compared to ₹599.25 crore a year ago.
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