Shares of ABB India Ltd. gained after Kotak Institutional Equities upgraded it to 'buy' from 'reduce', as the company focuses on the European market.
"ABB sees strong growth tailwinds (rail, data centers, energy efficiency) and endeavors to sustain growth at 1.5 times the market growth," the brokerage said
The company has shared the need for sourcing from cost-effective geographies to strengthen value proposition to customers. It is also working towards simplifying its product platforms to two—standard and premium.
"All this sets base for emerging economies to play a bigger role for the captive demands of the global parent," it said.
Shares of the company rose 2.10% to Rs 2,762 apiece as of 11:45 a.m., compared with a decline of 0.16% in the benchmark Nifty 50.
Of the 35 analysts tracking the company, 17 maintain a 'buy', 12 suggest a 'hold' and 6 recommend 'sell', according to Bloomberg data. The 12-month consensus price target implies a return potential of 13.2%.
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