HPL Electric Shares Hit 10% Upper Circuit After New Product Launch
The company launched HPL Fans on Monday in Middle East, Africa and SAARC countries.
Shares of HPL Electric & Power Ltd. surged over two-month high to hit the 10% upper circuit on Tuesday after it launched a new consumer electrical product across multiple markets.
The company launched HPL Fans on Monday in Middle East, Africa and SAARC countries. Customers can start booking the product through its website, according to an exchange filing.
Shares of the company jumped 10% to hit the upper circuit of Rs 364.30 apiece, the highest level since Feb. 21. It pared gains to trade 9.33% higher at Rs 362 apiece as of 11:00 a.m. This compares to a 0.18% advance in the NSE Nifty 50 Index.
The stock has risen 298.79% in last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 64.68.
One analyst tracking the company maintains a 'buy' rating, according to Bloomberg data.