ABB slips after denying delisting plans

The announcement was made on Saturday, 18 May 2013.

Meanwhile, the BSE Sensex was up 133.45 points, or 0.66%, to 20,419.57.

On BSE, 1.29 lakh shares were traded in the counter as against an average daily volume of 22,113 shares in the past one quarter.

The stock hit a high of Rs 658.10 and a low of Rs 622.55 so far during the day. The stock had hit a 52-week high of Rs 830 on 12 November 2012. The stock had hit a 52-week low of Rs 469 on 10 April 2013.

The stock had outperformed the market over the past one month till 17 May 2013, rising 35.74% compared with the Sensex's 8.30% rise. The scrip had also outperformed the market in past one quarter, rising 8.33% as against Sensex's 4.20% rise.

The large-cap company has an equity capital of Rs 42.38 crore. Face value per share is Rs 2.

The company has checked with its majority shareholder who has confirmed there is no intention to buy additional shares and thus commence the de-listing process, ABB said in a regulatory filing. As on 31 March 2013, promoters held 75% in ABB.

Shares of ABB surged 21.01% to Rs 660.15 on Friday, 17 May 2013. The stock surged 27.94% in the preceding three trading sessions to Rs 660.15 on 17 May 2013, from a recent low of Rs 516 on 14 May 2013.

ABB's net profit fell 10.7% to Rs 42.56 crore on 10.2% rise in net sales to Rs 1953.36 crore in Q1 March 2013 over Q1 March 2012.

ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.

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