The shares of HBL Engineering Ltd surged by more than 12% on Tuesday, 1 April, after the company received five Letters of Acceptance (LoA) worth Rs 762.56 crore for the provision of Kavach across 413 stations, covering 3,900 kilometres (Km). 

According to a Monday exchange filing, HBL has received five letters of approval from the Central Railway for the provision of the Kavach within 413 stations, which is expected to be completed in 18 months. The company also revealed that Rs 3,618 crore has been spent on Kavach contracts given out so far this year.

In a 28 March exchange statement, the company also stated that it has received two LoAs for the provision of Kavach systems, worth Rs 499.68 crore, from North Central Railway and Western Railway.  

HBL Engineering specializes in designing, manufacturing, and delivering a wide range of power solutions. The business has been well-known in a variety of industries since its establishment in 1977, including railroads, energy, telecommunications, defence, and renewable energy. HBL is particularly renowned for its expertise in providing batteries, inverters, and energy storage systems as backup power sources. The company’s products are used in numerous mission-critical applications that need reliable power.

HBL is a manufacturer of advanced battery systems for the defence sector’s tactical communication systems, submarines, and aircraft. For grid applications, the business also provides energy storage devices to fulfil the growing demand for renewable energy integration.  

At 12:48 pm, the shares of HBL Engineering were trading 10.58% higher at Rs 522.50 on NSE.

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