Large cap stock hits new 52-week high after company’s net profit increased by 87.5% YoY 

The share price of ABB India Limited reached a new 52-week high on the BSE, hitting Rs. 8,025 after reporting a significant increase in net profit. The company’s market capitalisation stands at Rs. 1.67 lakh crore, with the stock price rising by 11.73 percent in a single trading session.

The surge in share prices followed the announcement of the company’s financial results for Q4 FY23-24 and FY24. ABB India saw a 28 percent year-on-year increase in revenue from operations, reaching Rs. 3,080.4 crore in Q4 FY23-24. The net profit also showed impressive growth, standing at Rs. 459.3 crore in the same period.

With a growing order backlog of Rs. 8,935 crore as of March 31, 2024, ABB India is well-positioned for future growth. The company’s performance was driven by strong growth in business areas such as Electrification & Process Automation, with key sectors like data centers, smart buildings, and energy contributing significantly to its success.

In the past year, ABB India’s stock has delivered remarkable returns, making it an attractive investment option for many. The company’s focus on innovation and its leading position in the global technology and power equipment manufacturing sectors further solidify its growth prospects.

DailyBubble sees ABB India as a strong player in the market, with promising growth potential and a solid financial performance. Investors may consider ABB India as a lucrative investment opportunity based on its recent achievements and future outlook.