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Shares of HPL Electric were locked at the 5-per cent upper circuit at Rs 216 apiece on the BSE on Tuesday as the company bagged order worth Rs 417 crore from West Bengal State Electricity Distribution Company. At 1:30 PM, the S&P BSE Sensex was little changed at 65,915 levels.
Over the past three months, shares of the consumer electricals company have more-than-doulbed, soaring 124 per cent, on the BSE. By comparison, the benchmark BSE Sensex index has advanced 6.7 per cent.
In an exchange filing, on Tuesday, HPL Electric & Power said it has signed an agreement with West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the deployment of an Advanced Metering Infrastructure (AMI) project, supported by the World Bank.
"This marks HPL Electric's entry as a direct Advanced Metering Infrastructure Service Provider (AMISP). This order is going to connect approximately 0.5 million consumers in Kolkata, and the gross value of this project is Rs 416.84 crore against which letter of intent (LoI) was received earlier," it said.
This transformative venture underscores HPL Electric & Power Ltd.'s steadfast commitment to technological innovation, quality, and its prowess in the energy domain. The project aims to bolster energy efficiency, transparency, and customer engagement by deploying cutting edge smart metering solutions across WBSEDCL's operational landscape.
The AMI project will be funded by the World Bank and will be executed in coordination with WBSEDCL, a pivotal player in West Bengal's electricity distribution domain. This initiative will encompass the installation of smart meters across residential, commercial, and industrial sectors, enabling real-time data transmission, consumption monitoring, and accurate billing, the company said.
Last month, HPL Electric & Power had bagged order worth Rs 903 crore for smart meters. Thus, with Tuesday's new order, the total pending pipeline order book now stands at Rs 2,267 crore.
Meanwhile, the Board of Directors is scheduled to meet on Wednesday, August 9, to consider and approve the financial result for April-June quarter of FY24 (Q1FY24).
HPL is an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.
