ABB India rose 3.94% to Rs 1,155.40 at 12:47 IST on BSE after the company's overseas parent firm ABB today, 9 September 2014, announced up to $4 billion share buyback program.
Meanwhile, the BSE Sensex was down 97.54 points, or 0.36%, to 27,222.31.
On BSE, so far 68,000 shares were traded in the counter, compared with an average volume of 17,682 shares in the past one quarter.
The stock hit a high of Rs 1,225.55 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 1,105.35 so far during the day. The stock hit a 52-week low of Rs 477 on 10 September 2013.
The stock had outperformed the market over the past one month till 8 September 2014, rising 9.45% compared with 7.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.25% as against Sensex's 7.57% rise.
The large-cap company has an equity capital of Rs 42.38 crore. Face value per share is Rs 2.
Swiss-based ABB on Tuesday, 9 September 2014, said it will buy back up to $4 billion shares starting 16 September 2014, as it also announced new financial targets. ABB said it is now targeting average revenue growth of 4% to 7% a year between 2015 and 2020. The new targets will take effect on 1 January 2015. ABB also announced a new strategy, in which it will aim at high-growth end markets.
Parent's buyback offer boosted sentiment for its global subsidiaries including India.
As on 30 June 2014, ABB held 75% in ABB India via two units.
ABB India's net profit rose 20% to Rs 48 crore on 3.69% growth in revenue to Rs 1794 crore in Q2 June 2014 over Q2 June 2013.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.
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