(Yicai Global) Nov. 29 -- The stock price of Sanxing Medical Electric has risen after the Chinese firm said that it will provide Hyderabad's JNJ Powercom Systems with USD26.2 million worth of smart power meters that will end up at state-owned Indian Telephone Industries.

Sanxing's [SHA: 601567] share price rose 3.7 percent to CNY6.70 (US 95 cents) this morning. The Shanghai Composite Index was down 0.6 percent.

Sanxing has penned a contract with JNJ and the end user is telecoms giant ITI, the Ningo-based firm said in a statement yesterday, without providing delivery details. 

The deal will improve the Sanxing's future performance, it added.

Founded in 1986, Sanxing makes power distribution equipment in countries including Brazil and Indonesia.

Editor: Emmi Laine