India's HPL Electric hits record high; ICICI Direct sees strong growth

HPL Electric & Power

01/01/2024 09:04

** India's electric equipment maker HPL Electric  HPLE.NS 
rises as much as 10% to record high of 273.8 rupees per share
    ** Gains for fourth straight session, has risen over 27% in
the period
    ** Metering and systems will be key growth driving segment
for HPL Electric as government targets installation of 250 mln
smart meters, ICICI Direct says
    ** Recommends "buy" with PT of 305 rupees
    ** Brokerage sees rev, EBITDA and PAT to grow at 19.7%, 28%
and 53% CAGR respectively over FY23-26
    ** HPLE gained 150% in 2023


 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))