ABB India’s Stock Skyrockets 8%, Reaching 52-Week High After Stellar Q1 Results

  • ABB India’s share price surged over 8% to touch a 52-week high following its Q1 2024 results.
  • The company reported an 87% increase in net profit, driven by higher revenues.
  • Equity Analyst Rajesh Bhosale maintains a positive outlook on the stock, suggesting a potential resistance at ₹8,000.

ABB India’s share price soars following impressive Q1 2024 results, with net profit spiking by 87% and revenues climbing to ₹3,080 crore.

ABB India’s Q1 2024 Financial Performance

ABB India reported a significant surge in its net profit for the first quarter of 2024, with a rise of over 87% to ₹460 crore. This increase was primarily driven by greater revenues, which climbed to ₹3,080 crore during the quarter under review, up from ₹2,411 crore the previous year. The company’s fiscal year runs from January to December.

Stock Market Reaction and Analyst Outlook

The company’s strong financial performance led to a surge in its share price, which opened at ₹7,555 apiece on the BSE, touched an intraday high at ₹7,792.40, and an intraday low of ₹7,408.90. According to Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, the stock is in a strong uptrend. He maintains a positive bias but suggests buying on dips. He identifies ₹7,000–7,200 as a support zone, whereas ₹8,000 is a possible next resistance.

Company’s Outlook and Future Prospects

ABB India expressed optimism about its performance in 2024, building on its strong performance in Q4 of 2023. The company cited rising demand for technologically advanced solutions and the government’s focus on new-age issues like energy efficiency, decarbonisation, and digitalisation as key drivers of its order momentum. Total orders rose to ₹3,607 crore, the highest for the first quarter in the past five years.

Conclusion

ABB India’s impressive Q1 2024 results and the positive market reaction highlight the company’s strong financial position. With a positive outlook from analysts and the company’s own optimistic future prospects, ABB India appears to be on a strong growth trajectory. However, investors are advised to check with certified experts before making any investment decisions.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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