Electrical equipment manufacturer HPL Electric and Power Ltd on Wednesday announced that it has won smart meter orders worth Rs 545 crore from various customers.
HPL Electric and Power produces a diverse range of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, and caters to consumer and institutional customers in the electrical equipment industry.
Gautam Seth, joint managing director of HPL, said, "The receipt of these orders reflects our alignment with the government's ongoing efforts to implement smart meters nationwide. While understanding that this is just one more step in a much broader initiative, it highlights HPL's significant role in this sector. Our high acceptability in terms of performance and quality with leading AMISPs demonstrates HPL's strong positioning in the smart meter market. This achievement is not just a measure of our current standing but also a promising indicator of the potential opportunities that lie ahead in the evolving landscape of smart metering in India."
At 1:09 pm, shares of HPL Electric and Power rose 9.98 per cent to Rs 220.90 on the National Stock Exchange (NSE).
Earlier in September, HPL Electric and Power Ltd entered into a strategic partnership with Wirepas Oy. The two companies will collaborate to offer a high-performance radio frequency (RF) mesh solution tailored to the Indian market.
In August, HPL Electric and Power won an order worth Rs 417 crore from West Bengal State Electricity Distribution Company. The company said it 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.
