ABB shares surge nearly 13% on Rs 334-crore contract

MUMBAI: Shares of power and automation technologies provider ABB today surged nearly 13 per cent after the company bagged two orders valued at Rs 334 crore to set up transmission and distribution substations in Bihar and West Bengal.

After surging 19.99 per cent to Rs 1,396.70 -- its 52-week high on the BSE in intra-day trade, shares of ABB finally ended at Rs 1,315.05, up 12.98 per cent from its previous close.

On the NSE, it ended with a sharp gain of 12.91 per cent at Rs 1,315.95.

Led by the rally in the stock, the company's market valuation surged Rs 3,202.01 crore to Rs 27,867.01 crore.

The company secured the orders from Bihar Grid Corporation Limited (BGCL) and West Bengal State Electricity Transmission Company Ltd (WBSETCL) to build new transmission and distribution substations that will boost power supplies in the regions, a company release had said yesterday.