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ABB up 20%; global CEO says no plan to delist Indian arm

The company is planning to double exports from India in next 3-5 years and exports are likely to form nearly 50 percent of India business. The management also added that there is a significant pick-up in orders in next 24-36 months.

December 04, 2014 / 04:34 PM IST
 
 
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Moneycontrol Bureau


Shares of ABB rallied 20 percent, hitting all-time high of Rs 1396.70 intraday on Thursday. Investors are hurriedly buying its shares after global CEO has said that there is no plan to delist its Indian arm.


He said that the company is planning to double exports from India in next 3-5 years and exports are likely to form nearly 50 percent of India business.  The management also added that there is a significant pick-up in orders in next 24-36 months.


The power and automation technology provider has been on buyers’ radar after it won orders worth Rs 334 crore from two public utilities group, Bihar Grid Corporation (BGCL) and West Bengal State Electricity Transmission Company. As per the agreement, ABB will build new transmission and distribution sub-stations that will boost power supplies in the region.


As part of the contract in Bihar, ABB will design, supply, install and commission 220/132/33 kV(kilovolt) gas-insulated switchgear (GIS) sub-stations across four locations.

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In West Bengal, the company will design, supply, install and commission a 220/132/33 kV AIS sub-station to help meet the growing demand for electricity in the Sadaipur region.

At 13:25 hrs ABB was quoting at Rs 1322.00, up Rs 158.05, or 13.58 percent on the BSE.

first published: Dec 4, 2014 12:52 pm

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