ABB rallies 15% on Rs 4,350 crore mega deal

ABB has rallied 15% to Rs 1,199 on the BSE in intra-day after the company won Rs 4,350 crore mega deal for long distance power transmission link in India.

“ABB has teamed up with India’s national electricity grid operator Power Grid Corporation of India Limited (POWERGRID) in a mega project worth over Rs 4,350 crore for ABB to deliver a transmission link that will have the capacity to bring reliable electricity to more than 80 million people,” ABB said in a BSE filing.

The Raigarh-Pugalur 800 kilovolt (kV) ultrahigh-voltage direct current (UHVDC) system will connect Raigarh in Central India to Pugalur in the southern state of Tamil Nadu.

The 1,830 kilometer (km) link will be among the longest in the world. With a capacity of 6,000 megawatts – the equivalent of more than six large power plants – it will be enough to meet the electricity needs of over 80 million people in India. The two-way link will integrate thermal and wind energy for transmission of power to high consumption centers located thousands of kilometers away, supporting electricity demands in the south, when wind strength is low, and transmitting clean energy to the north, when there is excess wind power.

At 03:09 pm; the stock was up 13% at Rs 1,175 on the BSE, as compared to 0.63% gain in the S&P BSE Sensex. A combined 1.1 million shares changed hands on the counter on the NSE and BSE.