HPL Electric Shares Surge Over 18% To Record After Rs 2,100-Crore Order Win

Shares of HPL Electric & Power Ltd. surged over 18% to hit a record high on Thursday after winning an order worth Rs 2,100 crore from their regular leading customers.

The company received a letter of award for the supply of smart metres in the normal course of business, according to an exchange filing. The order win is over 55% of the market cap of the company, that stands at Rs 3,562.25 crore.

Shares of HPL Electric and Power rose as much as 18.41% to trade at Rs 552.30 apiece on the NSE. It was trading 16.84% higher at Rs 510 per share, compared to a 0.29% decline in the benchmark Nifty as of 11:05 a.m.

The share price has risen 172.60% in the last 12 months and 120.1% on a year-to-date basis. The relative strength index was at 72.07, indicating the stock is overbought.

The one analyst tracking the company recommends 'buy' rating on the stock, according to Bloomberg data.