ABB India rose 1.84% to Rs 2229 after the company announced the expansion of its digital substation products and digital systems factory in Vadodara, Gujarat.
The company said that this new factory will meet the growing demand for a wide range of digital substation products and digital solutions in India and in more than 50 countries.
The manufacturing portfolio includes products like relays, while the solutions range from centralized protection and control systems, distribution automation, to bus transfer systems and arc protection for the electrical distribution network.
These products are deployed across multiple industries from cement, steel, oil and gas to utilities (power distribution companies) and renewable energy projects through OEMs.
Sanjeev Sharma, country head and managing director, ABB India, said: "India is projected to be among the top 3 energy consumers of the world by 2030 and currently is the fifth largest consumer.
This exponential increase in demand followed by the mix of diversified and distributed energy sources has increased the requirement for quality power equipment manufacturing in India. ABB's wide portfolio and future-proof technology has a significant role to play in supporting this growing demand.
Ganesh Kothawade, senior vice president, electrification business, ABB India, commented: "The wide range of digital substation products and digital system solutions manufactured in our new facility will help meet growing demand from our customers to improve the reliability, speed, accuracy and efficiency of their electrical equipment and networks.
ABB India is engaged in power and automation business in India.
The company's net profit jumped 227% to Rs 188.20 crore on a 23.1% surge in net sales to Rs 2,069.93 crore in Q4 December 2021 over Q4 December 2020.
On the technical front, the stock is currently trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 2145.10, 2179.47 and 2005.77, respectively.
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