Shares of HPL Electric & Power Limited surged close to 7 percent on July 8 after the firm announced a memorandum of understanding (MOU) with China-based Guangxi Ramway Technology Co. Ltd for local manufacturing for assembly of relay/latching relays in India.
The agreement could involve technical partnership and equipment procurement, according to the company.
The shares of the company jumped 6.95 percent to Rs 483 on NSE at 12:51 pm.
The company had reported a net profit of Rs 13.72 crore in the March quarter of FY25, recording an annual increase of 22.3 percent.
The consolidated revenue went up 17 percent to Rs 424.09 crore in the quarter ended March 31 compared to the year-ago period.
The board of the company had also declared a final dividend of Rs 1 per equity share.
HPL Electric & Power is a electrical and power distribution equipment manufacturer. It has product portfolio that includes cables, energy saving meters, industrial and domestic circuit protection switchgears, CFL & LED lamps.
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