ABB gains 6% on winning orders worth Rs 334 crore

The company has received orders worth Rs 334 crore from Bihar Grid Corp Ltd and WB State Electricity Transmission Co. Ltd

Shares of ABB are up over 6% at Rs 1,238 on the BSE after winning Rs 334 crore from public utilities, Bihar Grid Corporation Limited (BGCL) and West Bengal State Electricity Transmission Company Limited (WBSETCL), to build new transmission and distribution substations that will boost power supplies in the region.

As part of a turnkey contract in Bihar, ABB will design, supply, install and commission 220/132/33 kV (kilovolt) gas-insulated switchgear (GIS) substations across four locations. These substations will deploy ABB's compact high-voltage GIS technology which can reduce the substation footprint by up to 70 per cent compared with conventional air-insulated switchgear (AIS) substations, ABB said in a statement.

In West Bengal, ABB will design, supply, install and commission a 220/132/33 kV AIS substation to help meet the growing demand for electricity in the Sadaipur region.

The stock opened at Rs 1,175 and touched a high of Rs 1,242 on the BSE. At 12:15PM, over 1.5 lakh shares were traded on both the stock exchanges.