ABB Share Price Rises After Third Quarter Net Profit Increases

ABB India Ltd.'s share price rose on Tuesday as the company reported 55.75% increase in its net profit. Its consolidated net profit rose to Rs 528 crore from Rs 339 crore.

The company's revenue rose 22.05% on the year to Rs 3,365 crore from Rs 2,757 crore. Its operating profit rose 57.72% on an annualised basis to Rs 657.7 crore from Rs 417 crore. Ebitda margin rose 442 bps to 19.54% versus 15.12%.

On Tuesday, ABB India snapped a three-day losing streak.

ABB India share price rose 4.62% to Rs 5,492.00 apiece, the highest level since Feb. 14. The share price rose 4.36% to Rs 5,470.45 apiece as of 9:56 a.m., as compared to a 0.21% decline in the NSE Nifty 50.

The stock rose 21.69% in 12 months. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 40.00.

Out of 27 analysts tracking the company, 13 maintain a 'buy' rating, nine recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 43.3%.