Engineering major ABB recovered in the mid-trading session on reports that the group has bagged a Rs 235 crore contract from the Power Grid Corporation of India (PGIL).
On the Bombay Stock Exchange (BSE), the stock hit a high of Rs 286 and settled flat at Rs 281.05. The stock had settled at Rs 282 on Friday. Around 4,220 shares were traded on the counter through 191 deals. On the National Stock Exchange, 22,886 shares were dealt through 294 deals.
A dealer at a local brokerage house said, "The renewed buying on the counter was on reports that the group has been awarded a large contract by PGIL to design, build and install a new power transmission system at Vishakapatnam."
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The total order is valued at approximately Rs 235 crore, of which ABB India's share is around Rs 130 crore.
ABB's business portfolio includes products; systems; solutions and services for power transmission and distribution and process automation.
For the second quarter ended June 30, 2002, ABB registered an 118.85 per cent growth in net profit at Rs 32.57 crore compared with Rs 14.88 crore in the corresponding period last year. Total income also increased by 16 per cent to Rs 291.01 crore from Rs 250.97 crore in the June quarter 2001.
As on June 30, 2002, the promoters' holding in ABB was at 52.11 per cent, while public, foreign and domestic institutions held 17.90 per cent, 3.98 per cent and 25.25 per cent, respectively.