Shares of ABB India hit a new high of Rs 6,341, as they rallied 7 per cent on the BSE in Wednesday’s intra-day trade on strong business outlook. The stock of the heavy electrical equipment company is quoting higher for the seventh straight trading day, surging 17 per cent during this period. It bounced back 46 per cent from its February 2024 low of Rs 4,342.
ABB is a major electrification and automation player. The company has a strong order backlog as of December 31, 2023, at Rs 8,404 crore, an increase of 30 percent year-on-year (YoY), which provides revenue visibility and is well aligned to support growth plans in the coming periods.
