ABB India shares zoom over 9% after earnings announcement

New Delhi, Shares of ABB India rallied more than 9 per cent on Wednesday after the electrification and automation major posted a rise in profit after tax in fourth quarter ended December. The stock of the company surged 9.24 per cent to Rs 4,940 apiece on the BSE.

The scrip of ABB India jumped 8.97 per cent to Rs 4,930.30 per piece on the NSE.

The 30-share BSE Sensex benchmark gained 58.54 points or 0.08 per cent to 73,115.94, while NSE Nifty rose 19.05 points to 22,216.

In a regulatory filing on Tuesday, ABB India posted around 13 per cent rise in profit after tax to Rs 345 crore in fourth quarter ended December 31, mainly on the back of higher revenues.

It had clocked Rs 306 crore PAT (profit after tax) during the October-December period of the preceding fiscal, the company said.

The company follows January to December as a financial year.

Total revenue of the company rose to Rs 2,757 crore in the quarter under review, from Rs 2,427 crore in the same quarter a year ago, it added.

SEE ALSO:

Asus ROG Strix Scar 16 – powerful hardware at a premium

Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12

Ola Electric cuts prices of scooters to compete with ICE two-wheelers