ABB India shares touch 52-week high on buyback talks

Written by fe Bureau | Mumbai | Updated: Sep 9 2014, 19:47pm hrs
BuybackThe buyback offer is seen as boosting sentiment for its global subsidiaries including India. (Reuters)
ABB India shares touched 52-week high of Rs 1,225.55 on the BSE on Tuesday after its Swiss-based parent said that it would buyback $4 billion worth of shares.

As on June quarter, ABB holds 75% stake in ABB India through ABB Asea Brown Boveri (69.08%) and ABB Norden Holding AB (5.92%).

ABB India saw a 20% QoQ rise in its net profit in June quarter at Rs 47 crore. The engineering major saw its topline grow by 3.7% at Rs 1,794 crore.

The scrip was trading 4.63% higher at Rs 1,163 on the BSE at 1.15 pm IST.