HPL Electric Shares Surge Over 18% To Record After Rs 2,100-Crore Order Win
The company said it received letter of award for the supply of smart meters in the normal course of business.
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.
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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.
