ABB Price, Volumes Surge On Impressive Results

Mumbai, April 24: | Updated: Apr 25 2002, 05:30am hrs
Shares of Asea Brown Boveri Ltd (ABB) rallied after the electric equipment major announced better than expected first quarter to 2002 earning numbers on Wednesday.

On The Stock Exchange, Mumbai (BSE), ABB closed up Rs 13.30 at Rs 261 on a volume of 25,390 shares. The stock after opening at Rs 258.50 hit a intra-day high of Rs 263.90. On Wednesday, the volumes of ABB also rose sharply. Volume of ABB soared by over five times as compared to Tuesday’s levels.

An analyst at a domestic brokerage said: “Despite the slowdown, ABB was able to post excellent results, better than our expectations and that might be one of the triggers for rising interest in the stock”, adding: “The company is doing very well and is likely to unveil impressive earning numbers in the coming quarters on the back of good order book numbers,”.

ABB on Wednesday announced a net profit of Rs 6.2 crore for Q1 of 2002, a rise of 31.3 per cent against its corresponding quarter, 4.72 crore. The total income of the company also showed a sharp growth. ABB income rose from Rs 204 crore to Rs 243.67 during the same period. Dealers said, the interest in the stock is also backed by expectations of early reforms in the transmission and distribution sector. ABB is one of the country’s leading player in serving customers in utilities, process industries, manufacturing & consumer products industries and oil.