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ABB India shares hit 9-year high to rise as much as 10.58%

LiveMint logoLiveMint 09-05-2017 Ashwin Ramarathinam

Mumbai: Shares of ABB India Ltd gained as much as 10.58% to Rs1,550 per share after its first quarter order inflow rose 28% to Rs2,342 crore.

The stock rose to its highest since 20 December 2007, a nine-year high, and is the biggest gainer among BSE 500 index and NSE Nifty 200 index stocks.

Power and automation technology company ABB India on Monday reported a 3.2% rise in net profit for the first quarter ended 31 March, helped by higher order inflows.

“Our determined execution and putting customers at the heart of our technology solutions have ensured that we continue to grow in a mixed market,” said Sanjeev Sharma, chief executive officer and managing director, ABB India.

ABB said its standalone net profit rose to Rs88.17 crore in the quarter from Rs85.45 crore a year earlier. Net sales rose about 9.4% to Rs2,296.03 crore from Rs2,099.61 crore a year earlier, helped by a revenue increase in each of its businesses and demand revival in certain sectors.

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