ABB India hits record high on quarterly profit jump

ABB India

13/05/2024 06:04

** Shares of ABB India  ABB.NS  rise as much as 8.5% to
7,791.50 rupees, hitting a record high; last up 7.4%
    ** The engineering services firm reports an ~88% jump in
March-qtr profit to 4.59 billion Indian rupees (nearly $55
million), beating analyst estimates
    ** "Strong beat on all fronts" while quarterly EBITDA margin
of 18.3% a positive surprise aided by executing higher margin
orders and healthy pricing power- Nomura
    ** ABB on track for second straight session of gains
    ** Busiest session since late Feb; about 1.3 mln shares
change hands, three times the 30-day avg 
    ** Twenty four analysts covering the stock on average have a
"hold" rating; median PT is 5,330.50 rupees - LSEG data
    ** Stock up ~65% YTD, had gained 74% in 2023 for third
straight year of gains

($1 = 83.5125 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))