ABB India hits record high; Nomura upgrades stock to "buy"

ABB India

22/02/2024 05:09

** Shares of ABB India  ABB.NS  rise as much as 7.8% to a
record high of 5,373.8 rupees
    ** The heavy electrical equipment maker reported an 11% jump
in Dec-qtr profit on Tuesday
    ** Stock has rallied over 18% since then
    ** ABB's new product launches to improve efficiency and its
order outlook remains upbeat, say analysts at Nomura
    ** Nomura upgrades stock to "buy" from "neutral"; hikes PT
to 5,740 rupees from 4,525 rupees
    ** Sees ABB as a key beneficiary of shift to automation,
electrification and premiumisation
    ** More than 1.9 mln shares change hands, 5.1x its 30-day
avg
    ** Twenty-one analysts covering the stock on avg have a
"hold" rating; median PT is 4,950 rupees - LSEG data
    ** Stock up ~18% this week, eyes highest weekly gain since
Dec. 5, 2014


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))