16 Dec , 2024 By : Debdeep Gupta
HBL Power Systems shares hit a 52-week and an all-time high in the December 16 trade after winning a Rs 1,522 crore KAVACH order.
The Delhi-based company informed the shareholders through an exchange filing that it bagged the order from the Chittaranjan Locomotive Works.
"We would like to inform you that an order worth Rs.1,522.40 Crores (plus applicable taxes extra) has been received from "Chittaranjan Locomotive Works" for the supply, Installation, and Commissioning of on-board Train Collision Avoidance System (TCAS) (KAVACH) equipment in locomotives," the company said in a regulatory filing.
HBL Power Systems hit a fresh 52-week high of Rs 739.65 per share on the NSE in today's trading session, rising 6.42 percent. It was also its an all-time high. The scrip opened with a gain of 4.32 percent today. The stock has been rising for the last two trading sessions.
On the BSE too, the shares of the company hit a 52-week high of Rs 738.65.
The fresh order from Chittaranjan Locomotive Works pertains to the supply, installation, and commissioning of on-board Train Collision Avoidance System (TCAS) (KAVACH) equipment in 2,200 locomotives.
The order is to be completed within 12 months from the date of issue of the purchase order, the company said in an exchange filing.
The shares of the company have delivered 63.95 percent returns in 2024, so far, according to the data available on the BSE.
Its peer Kernex Microsystems shares also hit a 52-week high in today's trading session of Rs 1,524.75 per share on the NSE.
The stock has been gaining for the last seven days and has risen 40.69 percent in the period.
KAVACH is a Train Collision Avoidance System (TCAS) or Automatic Train Protection System (IRATPS) and offers a safety solution to prevent train collisions.
As part of the next phase of Kavach implementation, the project for equipping 10,000 locomotives has been finalized, Railway Minister Ashwini Vaishnaw told the Parliament on November 27. "The funds utilized on Kavach works so far is Rs 1,547 crore. The allocation of funds during the year 2024-25 is Rs 1,112.57 crore," he added.
The Indian Railways has already floated tenders worth Rs 2,700 crore in August for the installation of the KAVACH system, multiple officials aware of the development.
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