ABB up on NTPC, PowerGrid orders

DALAL STREET SPIKES

Power company ABB witnessed gains on winning a big order. In a subdued market, the stock was up 1.25 per cent to close at Rs 123.65 after its Swedish parent got a major order from NTPC and PowerGrid Corporation of India.

The combined value of the orders, for the ABB Group is around $80 million. The transformers and shunt reactors for both projects will be manufactured at the company's factory in Ludvika, Sweden.

ABB India's scope primarily includes local interface, logistics, commissioning and after sales support. Strong December ended results and government's thrust on power sector boosted the scrip in the past few months. From a low of Rs 897.30 on January 14, the stock gained around 40 per cent in a short while to Monday's close of Rs 1,230.65. The overall scope of the order includes supply, transportation, erection and commissioning.