Shares of this engineering stock under the ‘large-cap’ category jumped approximately 10 percent in Wednesday’s trading session after the company announced financial results for Q4FY23-24, i.e., for the quarter ended December 2023.
With a market capitalization of Rs 1.05 lakh crores, the stocks of ABB India Limited opened their trading hour on Wednesday at Rs 4,622.30 and currently trade at Rs 4,955.05, gaining approximately 10 percent as compared to the previous closing levels of Rs 4,522.10 apiece.
Such bullish stock price movements are observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the December 2023 quarter.
Sequentially, the company reported a marginal dip in both the prime business indicators, viz, operating revenues as well as after-tax profits with the former decreasing from Rs 2,769 crores during Q3FY23-24 to Rs 2,757 crores during Q4FY23-24, and the latter, keeping the timeframe the same, slipping from Rs 362 crores to Rs 345 crores.
On a contrasting note, the company, on a YoY basis, reported a jump in the metrics mentioned above with the operating revenues shifting up from Rs 2,427 crores during Q4FY22-23 to Rs 2,757 crores during Q4FY23-24 representing an increase of around 14 percent, and the after-tax profits, during the same period, rising from Rs 306 crores to Rs 345 crores, an increase of around 13 percent.
According to the latest shareholding data for the quarter ended December 2023, the company’s Promoters hold a 75 percent stake, Public (retail) investors hold a 7.36 percent stake, and the Foreign Institutional Investors (FIIs) hold a 10.72 percent stake in the company.
ABB India Limited is engaged in the business of offering systems and services for power grids and plants, electrical distribution, machinery components, and other industrial applications. The company performs operations via four broad segments including ‘Electrification’, ‘Robotics and Discrete Automation’, ‘Motion’, and ‘Industrial Automation’.
Written by Amit Madnani
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