Shares of ABB India Ltd. fell over 6% on Monday after the company's second-quarter results for the calendar year. The company's net profit fell 21% in the quarter-ended June, according to the financial results declared by the company on Saturday.
The net profit in the second quarter of the calendar year — the company follows the January–December fiscal cycle — came in at Rs 352 crore, as opposed to Rs 443 crore in the year-ago period. The bottom line missed analysts' estimates compiled by Bloomberg. The company has also declared an interim dividend of Rs 9.77 per share.
ABB India Share Price
Shares of ABB India fell as much as 6.43% to Rs 5,041 apiece. They pared losses to trade 5.74% lower at Rs 5,078 apiece, as of 12:35 p.m. This compares to a 0.6% advance in the NSE Nifty 50.
The stock has fallen 33% in the last 12 months and 26.54% year-to-date. Total traded volume so far in the day stood at 0.29 times its 30-day average. The relative strength index was at 57.92.
Out of 31 analysts tracking the company, 18 maintain a 'buy' rating, eight recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.3%.
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