Multibagger Electric Stock Hits 5% Upper Circuit After Securing Order Worth Rs 416.84 Cr

HPL Electric & Power Ltd's shares on Tuesday hit the 5% upper circuit at Rs 226.85 on the BSE after the company announced in an exchange filing that it has inked an agreement worth Rs 416.84 Crore with West Bengal State Electricity Distribution Company Limited (WBSEDCL). The agreement with WBSEDCL is sponsored by the World Bank for the deployment of an Advanced Metering Infrastructure (AMI) project.

HPL Electric & Power Ltd is a Small cap Consumer Electric company having a market cap of Rs 1389.21 Crore.

In a press release, the company said, HPL Electric & Power Ltd., a renowned player in smart meters and the energy solutions domain, is proud to announce the signing 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.

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.

This marks HPL Electric's entry as a direct Advanced Metering Infrastructure Service Provider (AMISP). This order is going to connect approx. 5 lac consumers in Kolkata and the gross value of this project is INR. 416.84 Crores against which LOI was received earlier and already informed.

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 cuttingedge smart metering solutions across WBSEDCL's operational landscape.

Meanwhle, the shares of HPL Electric & Power after hitting 5% upper circuit on BSE closed at Rs 216.05 per share, up 4.98% from its previous close. It hit an intraday high at Rs 216.05 and an intraday low at Rs 201.20.

The stock gained 6.22% in 1 week. In 3 and 6 months, it jumped 135.68% and 127.78%, respectively. It jumped 238.64% in 1 year, 171.76% in 2 years, and 560.70% in 3 years, respectively.
Its 52-week high is Rs 245 per share, recorded on July 18, 2023, while its 52-week low is Rs 57 per share, recorded on Aug 12, 2022.