Shares of HPL Electric and Power Ltd surged over 8% on Thursday after the electrical equipment manufacturer announced that it won smart meter orders worth Rs 545 crore from various customers.

HPL Electric and Power shares hit an intraday high of Rs 240, up 8.7% from the previous closing price on the National Stock Exchange (NSE). At 12:35 pm, the stock was trading 5.25% higher at Rs 232.50. 

The Joint Managing Director of HPL, Gautam Seth, said these orders reflect the company’s alignment with the government’s ongoing efforts and initiatives to implement smart meters nationwide. 

HPL’s high acceptability in terms of performance and quality by leading Advanced Metering Infrastructure Service Providers (AMISPs) emphasises its significant role in this sector. 

HPL Electric and Power produces a range of electric equipment, including metering solutions and lighting equipment. The company caters to consumer and institutional customers in the electrical equipment industry.