HPL Electric & Power has entered into a deal with West Bengal State Electricity Distribution Company Limited to develop an advanced metering infrastructure project for a gross value of Rs 416.84 crore.

This project is set to connect approximately 5 lakh consumers in Kolkata and will be funded by the World Bank in coordination with West Bengal State Electricity Distribution Company Limited.

HPL Electric & Power shares were locked at the 5% upper circuit at Rs 215.65 following the deal news.

The company’s board of directors are set to meet on 9 August to discuss and approve the unaudited financial results for the April-June quarter of the current fiscal year.

In July, prior to this order, the company had bagged an order worth Rs 903 crore to supply smart meters.

During the January-March quarter of the previous fiscal year, the company reported a 16.5% YoY drop in its net profit at Rs 11.3 crore.