A big development for some of the companies in power sector. Know why Schneider Electric Infrastructure Limited, HPL Electric & Power Limited and Genus Power Infrastructure Limited are likely to gain? Zee Business Executive Editor Swati Khandelwal brings this exclusive report. 

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Khandelwal said that the news is related to installation of smart meters and will benefit manufacturers of these meters. The companies that are likely to gain from this include Schneider Electric, HPL Electric and Genus Power, she said. 

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The Government intends to install at least 10 cr smart meters by 2023 in Phase-1. Citing her sources, she said that the Government is preparing to invite Expression of Interests (EoIs) with regards to the same.  

On 30 June, the Cabinet approved a Rs 3 lakh cr package for ‘Revamp Distribution Scheme’. The developments with regards to this are very important and the Government is planning to install at least 10 cr smart meters by 2023 in Phase-1. The government is working towards beating that timeline, she said. She said that as of now, only 25 lakh smart meters have been installed.  

In the second phase, there are plans to install another 15 cr meters. 

The government has sent a detailed note to the states and union territories. The states are likely to get big incentives if they meet the timelines, she further said. 

The above three companies are likely to have a significant participation.  

REC Limited and Power Finance Corporation Limited have been appointed as nodal agencies to implement the plan, the Executive Editor said.  

She said that the total timeline of the scheme is 5 years. In the second phase, the government will be installing 15 cr smart meters.  

These three companies should be on the radar of the investors.  

Top Stocks to Buy – Schneider Electric – This stock was up almost 8 per cent when the news broke and was trading at Rs 135.80. 

Top Stocks to Buy – HPL Electric was up almost 5 per cent around this time and was trading at Rs 83.80 

Top Stocks to Buy – Genus Power was up 7.7 per cent and was trading at Rs 76.20.  

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Analyst Kunal Saraogi said that among the three stocks, his top recommendation would be Schneider Electric. He expects a target price of Rs 170. The stock looks strong on technical charts and is worth a buy, Saraogi said.