Shares of Hitachi Energy India Ltd rallied 4% on 25 June after the company announced that they have secured an order worth Rs 790 crore from its subsidiary Hitachi Energy Australia Pty Ltd for developing high voltage direct current links between Tasmania and Victoria. 

In its regulatory filing, the company said, “Marinus Link is a project of national significance for Australia. It will play a fundamental role in Australia’s energy ecosystem, and the company will play a crucial role in supporting it.”

As a part of this deal, the company will execute project Marinus Link that will create voltage source converter (VSC) high voltage direct current (HVDC) links between Tasmania and Victoria for supply of certain equipment, and the project will be executed over a period of four years. 

These links will be used to execute another project, Latrobe Valley Converter Station and Burnie Converter Station. 

The company was selected by Marinus Link Pty Limited to supply an HVDC project in Australia. Hitachi will supply its HVDC Light VSC stations for the project, and certain equipment will be delivered from the company’s factory in India. 

In its quarterly earnings for January-March, the company reported a 123.82% year-on-year increase in net profit to Rs 113.7 crore for the quarter, and a 27.1% YoY increase in revenue from operations to Rs 1,695.3 crore during the quarter under review. 

At 3:30 pm, the shares of Hitachi Energy closed 1.64% lower at Rs 11,414.90 on NSE.