ABB India rises; Macquarie sees gains on steady order inflows

ABB India

21/07/2023 09:08

** Shares of ABB India  ABB.NS  rise as much as 2.70% to
4317.65 rupees
    ** Rise after global brokerage Macquarie reiterates
"outperform" on the back of strong results from the technology
company's parent - ABB Group
    ** ABB India to report order inflow growth of 7% Y/Y in June
quarter to 29.6 bln rupees, exceeding the estimate of 27.5 bln
rupees - Macquarie
    ** Expects ABB to benefit from large electrification and
automation contract for ArcelorMittal Nippon Steel India
    ** Trading volume is 341,486 shares as of 1:25 p.m. IST as
of 1:25 p.m. IST, 1.3x the 30-day avg - Refinitiv data
    ** Of the 27 analysts tracking ABB, six suggest "strong
buy", seven retain "buy", nine maintain "hold", four recommend
"sell" and one suggests "strong sell"; median TP is 3,700 rupees
    ** ABB up 59% in 2023 so far compared to 9% rise in Nifty 50
 .NSEI  index

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))