Shares of HPL Electric and Power Ltd skyrocketed 19% on 11 July after the company revealed that it had received a Letter of Award for smart meters.

In its regulatory filing, the company said that the order has a value of Rs 2,000.71 crore and was secured from one of HPL Electric’s regular top clients. Additional information regarding the order, such as the location or schedule, has not been disclosed by the company.

The total order value exceeds HPL Electric’s whole order book for the prior year. Additionally, it represents about 64% of the company’s market capitalization, which is slightly above Rs 3,300 crore.

Earlier on 8 July, the company announced signing a memorandum of understanding (MOU) with Guangxi Ramway Technology Co. Ltd., a Chinese company, regarding the local manufacturing and assembly of relay/latching relays in India. The corporation claims that the arrangement may cover equipment acquisition and technological partnership.

In its quarterly report for January-March, the company reported a 22.3% year-on-year increase in net profit to Rs 13.72 crore and a 17% YoY increase in revenue to Rs 424.09 crore for the quarter under review. 

HPL Electric & Power is a manufacturer of electrical and power distribution equipment. Its product line includes cables, energy-saving meters, CFL and LED lamps, and switchgear for domestic and commercial circuit protection.

The value of the company’s shares has increased by 200% in the past year, more than tripling in comparison to the benchmark Nifty 50 index’s 26% gain.

At 11:50 am, the shares of HPL Electric were trading 18.80% higher at Rs 556.85 on NSE. 

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