HPL Electric and Power jumps on entering into strategic partnership with Wirepas Oy

HPL Electric & Power is currently trading at Rs. 221.50, up by 4.45 points or 2.05% from its previous closing of Rs. 217.05 on the BSE.

The scrip opened at Rs. 208.45 and has touched a high and low of Rs. 227.00 and Rs. 206.20 respectively. So far 59376 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 269.55 on 06-Sep-2023 and a 52 week low of Rs. 66.35 on 28-Sep-2022.

Last one week high and low of the scrip stood at Rs. 243.00 and Rs. 206.20 respectively. The current market cap of the company is Rs. 1433.90 crore.

The promoters holding in the company stood at 72.66%, while Institutions and Non-Institutions held 0.67% and 26.68% respectively.

HPL Electric and Power has entered into a strategic partnership with Wirepas Oy, a global leader in RF mesh technology. This exciting collaboration is poised to reshape the landscape of smart metering in India, marking a remarkable milestone in the industry. The Indian smart metering market, with a staggering 250 million metering points, is on the cusp of exponential growth. 

HPL Electric and Power’s recent announcement of smart meter orders valued under World Bank Funding of Rs 416.84 crore in May 2023 underscores the immense potential of this market. These orders align with state-led schemes like the Revamped Distribution Sector Scheme (RDSS), reflecting HPL's strategic focus on the smart meter sector and its ability to meet growing demand. With an order book exceeding Rs 2000 crore, HPL's commitment to high-volume manufacturing and utility solutions in India is unquestionable. 

Simultaneous roll-outs in the Indian market have created a demand peak for smart meters and AMI (Advanced Metering Infrastructure) solutions. HPL Electric and Power, as a leading bidder and solution provider, recognizes the importance of meeting stringent Service Level Agreements (SLAs) to fulfill tender requirements and exceed the expectations of electricity distribution utilities. Wirepas partners have consistently delivered impressive 99.9% SLAs, establishing their reliability with over 50 utilities worldwide. Through this joint collaboration, HPL and Wirepas are poised to ensure the successful implementation of smart meter roll-outs in India.

This strategic partnership between HPL Electric and Power and Wirepas represents a pivotal moment in the evolution of India's smart metering industry. Together, they are committed to delivering cutting-edge technology, unmatched reliability, and exceptional value to meet the evolving needs of the Indian power sector.

HPL Electric and Power is an established electric equipment manufacturing company in India, manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.