HPL Electric and Power uses IPO proceeds to retire its Rs 320 crores debt
DSIJ Intelligence / 21 Nov 2016
HPL Electric and Power which got listed on October 4 on the national bourses has informed the exchanges that it has used its IPO proceeds to retire debt, and substantial interest reduction is expected soon. The company has reduced around Rs 320 crores debt from its IPO proceeds.
HPL Electric and Power which got listed on October 4 on the national bourses has informed the exchanges that it has used its IPO proceeds to retire debt, and substantial interest reduction is expected soon. The company has reduced around Rs 320 crores debt from its IPO proceeds. The company has a robust order book pipeline of around Rs 365 crore, including meter, switchgear and lightning segments. Exports have grown by 14.5 per cent.
However, the Q2 results of the company have not been embraced by the markets well. HPL Electric and Power in the last five days have fallen over 50 per cent after it reported a sharp 74 per cent year on year (YoY) drop in consolidated net profit at Rs 3.97 crores. The company had posted a profit of Rs 15.10 crore in the same quarter last year. Total income from operations declined by 35 per cent YoY to Rs 214 crore in Q2FY17, against Rs 330 crore in the corresponding quarter of previous year. The stock may witness a significant movement on November 21.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.