1. ABB India shares surge over 18% intraday, here is why

ABB India shares surge over 18% intraday, here is why

According to ABB India, the orders from renewables (wind and solar) and railways segment more than doubled as compared to 2014

By: | New Delhi | Updated: February 4, 2016 4:31 PM
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According to ABB India, the orders from renewables (wind and solar) and railways segment more than doubled as compared to 2014

ABB India shares rallied as much as 18.5 per cent on Thursday after the company reported 53.57 per cent rise in net profit figures to Rs 129 crore for the fourth quarter ended December 2015 against Rs 84 crore in the same quarter last year.

At 12.37 pm, shares of ABB India were trading 12.77 per cent up at Rs 1,133.60. The scrip opened at Rs 1018.95 and had touched a high and low of Rs 1192 and Rs 1017.15, respectively, in trade so far. Sensex was up 207.26 points at 24,430.58. Later, the scrip closed 14.21 per cent up at Rs 1,148.10.

Revenue of the company jumped 8.35 per cent year-on-year to Rs 2,425 crore during the quarter under review.

Orders received for the quarter stood at Rs 2,058 crore, the company reached a full year order book of Rs 8,100 crore, driven by a 10 per cent growth in base orders. According to ABB India, the orders from renewables (wind and solar) and railways segment more than doubled as compared to 2014 but was offset to a large extent by the silent investment pattern prevalent in the industry.

The service business, at nearly Rs 1,000 crores for 2015, posted a good double digit growth in orders compared to last year, as customers’ focus on quality, safety and maintenance increased and decisions on new investments and large orders were delayed.

“An order backlog of Rs 7,946 crore, as on December 31, 2015, provides visibility for future revenue,” the company said in a release.

The Board of Directors also recommended a dividend of Rs 3.70 per share (185 per cent), subject to the approval of shareholders at the forthcoming Annual General Meeting.

The company is engaged in the business of power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.

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