This multi-bagger consumer electronics company's stock zoomed 16% in today's trade; here's why

HPL Electric & Power share price NSE: Shares of HPL Electric & Power on Tuesday zoomed nearly 16 per cent on the back of receiving Rs 903 crore smart meter orders.

HPL Electric & Power share price NSE: Shares of HPL Electric & Power on Tuesday zoomed nearly 16 per cent. Image: Pixabay/ Representational Image

HPL Electric & Power share price NSE: Shares of HPL Electric & Power on Tuesday zoomed nearly 16 per cent on the back of receiving Rs 903 crore smart meter orders. The provider of electrical equipment and solutions stock opened at Rs 130.75 and gained as much as nearly 16 per cent to touch the day's high of Rs 153.45 from the previous close of Rs 129.45 on the NSE. The stock later locked in an upper circuit at Rs 155.3, up by 19.97 per cent.

Further, HPL Electric & Power's orders bolster HPL's total pending pipeline order book, now totalling more than Rs 2,250 crore, the company said in its press release. The filing added, "These significant smart meter orders underscore HPL Electric & Power Ltd.'s commitment to innovation and reinforce its role in India's mass smart-meter adoption. The company's dedication to research and development enables the delivery of technologically complex solutions that cater specifically to the Indian market."

HPL Electric & Power Ltd.'s smart meters excel in accuracy and in features such as real-time remote data monitoring. By empowering consumers and utilities to optimise energy usage, these smart meters contribute to a greener and more sustainable future. Mr. Gautam Seth, Joint Managing Director and CFO of HPL Electric & Power Ltd, said, "We are delighted to secure these additional prestigious smart meter orders, achieving another milestone in our efforts to be at the forefront of India's smart-meter implementation."

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"Our smart meters can significantly enhance demand-side energy efficiency by providing real-time data on energy consumption to both consumers and energy providers. They enable consumers to monitor and adjust their usage habits to off-peak hours, reducing strain on the grid, and allow for the implementation of dynamic pricing strategies that can incentivize energy conservation."

With this latest achievement, HPL Electric & Power Ltd. further solidifies its leadership position in the smart metering segment, it said.

HPL Electric & Power share price history

HPL Electric & Power's stock has given a mega return of nearly 150 per cent in the last 12 months (since July 4, 2022). In comparison, the headline index Nifty 50 has rallied nearly 22 per cent.

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