HPL Electric and Power Ltd receives an Empanelment Certificate from the Ministry of Power

HPL Electric and Power Ltd (referred to as the "Company"; NSE Symbol: HPL, BSE Scrip Code: 540136), an established electrical equipment manufacturing company in India, has received the "Empanelment Certificate" from the Ministry of Power through its arm, Rural Electric Corporation (REC).

HPL Electric is approved as a bidder through tender participation for the appointment of Advanced Metering Infrastructure (AMI) Service Provider for Smart Prepaid Metering in India on a DBFOOT (Design, Build, Finance, Operate and Transfer) basis under the Revamped Distribution Sector Reform Scheme(RDSS).

HPL is one of the few participants to receive the Empanelment Certificate after being subjected to vigorous testing carried out at the Central Power Research Institute (CPRI) laboratory. After robust positive results, the CPRI has approved HPL's end-to-end Prepaid Smart Metering solution.

Commenting on this achievement, Mr. Gautam Seth, Joint Managing Director said, "We have crossed a big milestone, and this is just the beginning. HPL Electric has been a pioneer and is among the few early companies that passed the rigorous test conducted by Central Power Research Institute (CPRI) and receive the empanelment certification. This certificate empanels us to participate in the massive opportunity to take a slice of the 25 crore(numbers) smart-meter market, expected to last for more than 10 years. We are highly focused on enhancing our market share and be amongst the leaders in this segment."

Shares of HPL Electric & Power Limited was last trading in BSE at Rs. 64.90 as compared to the previous close of Rs. 64.85. The total number of shares traded during the day was 11262 in over 453 trades.

The stock hit an intraday high of Rs. 66.50 and intraday low of 64.50. The net turnover during the day was Rs. 737355.00.

Source : Equity Bulls

Keywords

HPLElectricandPower INE495S01016 MinistryofPower EmpanelmentCertificate RuralElectricCorporation