ABB India has soared 8% to Rs 731, also its 52-week high on the NSE, on back of heavy volumes. The stock opened at Rs 679 and hit a low of Rs 672 so far. The counter has seen nearly two-fold jump in trading volumes.
A combined 1.52 million shares have already changed hands till 1100 hours, as against an average sub 900,000 shares that were traded daily in past two weeks on the NSE and BSE.
Since February 18, the stock of capital goods firm has outperformed the market by surging 24% after reporting robust net profit growth for the quarter ended December 2013. The benchmark CNX Nifty has gained 1.4% during the same period.
ABB India, a supplier of power and automation technologies, reported its net profit went up 3.47 times to Rs 59 crore for the fourth quarter ended December 2013 compared with Rs 17 crore in the corresponding quarter last year.
The rise in profit was aided by cost reductions and improved margins. The company also generated a healthy operating cash flow in the midst of a tight liquidity market.
Meanwhile, ABB last week said that it has bagged orders worth Rs 310 crore from Power Grid Corporation of India to supply power transformers and shunt reactors for country's transmission grid development.
A combined 1.52 million shares have already changed hands till 1100 hours, as against an average sub 900,000 shares that were traded daily in past two weeks on the NSE and BSE.
Since February 18, the stock of capital goods firm has outperformed the market by surging 24% after reporting robust net profit growth for the quarter ended December 2013. The benchmark CNX Nifty has gained 1.4% during the same period.
ABB India, a supplier of power and automation technologies, reported its net profit went up 3.47 times to Rs 59 crore for the fourth quarter ended December 2013 compared with Rs 17 crore in the corresponding quarter last year.
The rise in profit was aided by cost reductions and improved margins. The company also generated a healthy operating cash flow in the midst of a tight liquidity market.
Meanwhile, ABB last week said that it has bagged orders worth Rs 310 crore from Power Grid Corporation of India to supply power transformers and shunt reactors for country's transmission grid development.