ABB India surges over 10% on strong order growth in Q1

The stock rallied 10.6% to Rs 1,550, also its 52-week high on BSE in early morning trade.

Shares of ABB India rallied 10.6% to Rs 1,550, also its 52-week high on BSE in early morning trade after the company said it has posted a significant year-on-year (y-o-y) increase in orders booked in the first quarter of 2017 (Q1), driven by government initiatives and investments.

The orders received for the January-March quarter was Rs 2,342 crore, a 28% higher as compared to Rs 1,830 crore orders received in the same quarter last year. In first quarter of 2016, the company had reported 1.4% y-o-y drop in orders booked.

An order backlog of Rs 12,023 crore, as