Multibagger electric stock hits 52-week high on Rs 903-cr order win

Shares of multibagger HPL Electric & Power Ltd rose to a fresh 52-week high today, climbing 37% in two sessions on BSE. The rally in the stock came after the firm on July 4 said it received an order worth Rs 902 crore.

Shares of HPL Electric, which closed at Rs 129.8 on July 3, 2023 rose to a high of Rs 177.20 on BSE today, delivering 37% returns to investors in two sessions. In the last session, HPL Electric stock hit upper circuit of 20% to Rs 155.40 on BSE. In the current session, shares of HPL Electric zoomed 14% to Rs 177.20 on BSE. The stock has risen 387% in three years.

HPL Electric stock opened higher at Rs 160.85 against the previous close of Rs 155.40 on BSE. The stock hit a 52 week low of Rs 57 on August 12, 2022.

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Total 3.37 lakh shares of the firm changed hands amounting to a turnover of Rs 5.67 crore in today’s session. Market cap of the firm rose to Rs 1140.69 crore on BSE.

In terms of technicals, the relative strength index (RSI) of HPL Electric stands at 84.9, signaling it's trading in the overbought zone. HPL Electric stock has a one-year beta of 1.2, indicating high volatility during the period. HPL Electric shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company has announced the successful acquisition of smart meter orders worth Rs 903 crore. This order further bolsters the company’s total pending order pipeline, now totaling more than Rs 2,250 crore, the firm said.

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This order underscores the company’s commitment to innovation and further reinforces its role in India’s mass metre adoption. These smart meters excel in accuracy and in features such as real-time remote data monitoring. It empowers customers to optimise energy usage and contribute to a greener and more sustainable future, the firm added.

HPL Electric & Power Limited is a leading electrical equipment manufacturer with a significant presence across five key product verticals of electric equipment – metering solutions, modular switches, switchgear, LED lighting and wires and cables. It caters to a wide spectrum of industries and exports its finest engineering goods to more than 42 countries.

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