HPL Electric & Power secures order worth Rs 144-crore; share price rises

HPL Electric & Power stock rises: Shares of HPL Electric & Power rose up to 2.4 per cent to hit an intraday high of Rs 613.20 per share on Friday, September 13, 2024. 

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

In an exchange filing, HPL Electric & Power said, “We are pleased to inform that the company HPL Electric & Power Limited has received Work Orders/Letter of Award of Rs 143.77 crore (inclusive of tax) from our regular leading Customers 

The order is for the supply of Smart Metres & Conventional Metres in the normal course of business, which is to be executed as per the terms & conditions of Letter of Award (LoA)/work orders, the company said.

 

HPL Electric & Power Limited, a manufacturer of electrical equipment, has built a robust presence over the past 40 years across five key product areas including metering solutions, modular switches, switchgears, LED lighting, and wires and cables. 

The company commands a dominant market position, holding a 50 per cent share in the on-load change-over switches market and 20 per cent in the domestic electric metres market, while also being a major player in the low-voltage switchgear and LED sectors. With seven manufacturing facilities and two research and development (R&D) centres in India, HPL supports its operations with a well-organised supply chain and a distribution network that includes over 900 dealers and 45,000 retailers. The company aims to expand this network to 100,000 retailers by March 2025.

HPL's international reach extends to more than 42 countries across Asia, Africa, Europe, the UK, and the Indian Subcontinent. 

The company has a strong order book valued at over Rs 1500 crore, with metering and systems contributing the majority. 

The market capitalisation of HPL Electric & Power is Rs 3,904 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.

At 9:24 AM, shares of HPL Electric & Power were trading 1.41 per cent higher at Rs 607.25 per share. In comparison, BSE Sensex was trading 0.16 per cent lower at 82,832.09 levels.