Increased need for automation may help firm rebound faster than peers
The stock of ABB has made a higher bottom formation pattern taking support near 776 levels and has picked up with momentum to improve the bias
The stock of the heavy equipment company was trading at its 52-week low level.
Shareholders of ABB India who are holding equity shares as on the record date are entitled for one equity of APPSIL for every five equity shares held in the Company.
Given that the sale of it power grid unit to Hitachi may conclude by mid-CY20, it allows for another round of gains for ABB India's shareholders as the finer details of the deal will emerge by then
September quarter witnessed improvement in profitability, while business predictability took a knock
Q3 was also marked by orders for smart cities in Ranchi and the ancient city of Ujjain for smart power distribution equipment like compact substations and ring main units
ABB India's Q1 show negates concerns on hiving of power grid business; focus shifts to Siemens India following its parent's restructuring act
Despite exclusion of power grid operations, December quarter results echoed strength of continued activity
Division accounts for 40% of firm's revenues and about half the order book
ABB India was trading higher for the fifth straight day, rallied 7% at Rs 1,474, its highest level since March 7, 2018.
ABB India and Niti Aayog had in May inked a pact to help the country reap the benefits of latest technologies including robotics and artificial intelligence
On the utilities side, thermal generation is muted and being replaced by renewable, says Sanjeev Sharma
The firm is open to partnership with the government on charging standards
The company said order backlog of Rs 12,094 cr as of Q2 provides solid visibility for future revenue
Stock up over 10% reacting to strong order inflows
The stock rallied 10.6% to Rs 1,550, also its 52-week high on BSE in early morning trade.
Company's stock price grew by around 1% at Rs 1,220 on the Bombay Stock Exchange
The contract is for building the world's largest power transmission link for PGCIL
While valuations have moderated significantly, earnings support is weak