Shares of HPL Electric and Power advanced over 19 percent on August 26 after the company said it 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),” the electrical equipment manufacturing company said in a regulatory filing.
The stock of the company zoomed 19.41 percent to Rs 77.50 on BSE.
HPL said it 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.
“This certificate enables 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,” said Gautam Seth, Joint Managing Director, HPL Electric.