ABB India spurted 12.79% to Rs 1,312.80 at 14:45 IST on BSE on buzz that the company's global CEO Ulrich Spiesshofer reportedly said that there is no plan to delist its Indian arm.
Meanwhile, the S&P BSE Sensex was up 148.27 points or 0.52% at 28,590.98.
On BSE, so far 1.81 lakh shares were traded in the counter as against average daily volume of 17,246 shares in the past one quarter.
The stock was volatile. The stock surged as much as 20% at the day's high of Rs 1,396.70 so far during the day, which is a 52-week high for the counter. The stock rose 0.94% at the day's low of Rs 1,175 so far during the day. The stock had hit a 52-week low of Rs 568.05 on 30 January 2014.
The stock had underperformed the market over the past one month till 3 December 2014, advancing 1.47% compared with Sensex's 2.09% rise. The scrip had, however, outperformed the market in past one quarter, surging 11.76% as against Sensex's 4.8% rise.
The large-cap company has equity capital of Rs 42.38 crore. Face value per share is Rs 2.
According to reports, ABB's global CEO Ulrich Spiesshofer said that the company is planning to double exports from India in next 3-5 years and exports are likely to form nearly 50 percent of India business. The management also reportedly added that there is a significant pick-up in orders in next 24-36 months.
ABB India during market hours yesterday, 3 December 2014 said it has bagged orders worth Rs 334 crore from public utilities, Bihar Grid Corporation (BGCL) and West Bengal State Electricity Transmission Company (WBSETCL), to build new transmission and distribution substations that will boost power supply in the region. The stock had surged 3.36% to settle at Rs 1,163.95 yesterday, 3 December 2014.
ABB India's net profit rose 18.3% to Rs 44.98 crore on 3.3% growth in net sales to Rs 1821.38 crore in Q3 September 2014 over Q3 September 2013.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact.
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