ABB India rose 1.68% to Rs 1,520.75 on reports that the company is in discussions with L&T to acquire its electrical and automation division.
Meanwhile, the S&P BSE Sensex was down 75.12 points, or 0.24% to 31,222.41.
L&T rose 1.02% to Rs 1,768.50.
On the BSE, 21,967 shares were traded in ABB India counter so far, compared with average daily volumes of 24,681 shares in the past one quarter. The stock had hit a high of Rs 1,556.95 and a low of Rs 1,510 so far during the day. The stock had hit a 52-week high of Rs 1,619.45 on 10 May 2017. The stock had hit a 52-week low of Rs 950 on 9 November 2016.
The stock had underperformed the market over the past one month till 20 June 2017, falling 2.1% compared with 2.73% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 23.48% as against Sensex's 6.03% gains. The scrip had also outperformed the market in past one year, gaining 22% as against Sensex's 16.49% gains.
The large-cap company has equity capital of Rs 42.38 crore. Face value per share is Rs 2.
The L&T division had generated revenues of Rs 4650 crore and operating profit of a little over Rs 700 crore in the year ended 31 March 2017 (FY 2017) and is expected to be valued at Rs 14000-18000 crore, report added.
According to reports, ABB has offered over Rs 14000 crore for the deal and discussions are yet to arrive at a final figure.
ABB India's net profit rose 3.2% to Rs 88.17 crore on 8.4% rise in net sales to Rs 2146.04 crore in Q1 March 2017 over Q1 March 2016.
ABB is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. ABB Group holds 75% stake in ABB India as per the shareholding as on 31 March 2017.
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