Sell ABB India, target price Rs 4050: Nuvama Wealth brokerage

Nuvama Wealth brokerage has sell call on ABB India with a target price of Rs 4050. The current market price of ABB India is Rs 4287.15. Nuvama Wealth brokerage recommended to keep stop loss at Rs 4500.

ABB India, incorporated in the year 1949, is a Large Cap company (having a market cap of Rs 90717.98 Crore) operating in Engineering sector.

ABB India key Products/Revenue Segments include Switch Gear Items, Motors/Alternators/Generators, Others, Electronic Control And Supply Units For Variable Speed Drives, Erection & Other Services, Other Operating Revenue, Scrap for the year ending 31-Dec-2022.


Financials
For the quarter ended 30-06-2022, the company has reported a Consolidated Total Income of Rs 2123.15 Crore, up 5.50 % from last quarter Total Income of Rs 2012.46 Crore and unchanged .00 % from last year same quarter Total Income of Rs Crore. Company has reported net profit after tax of Rs 145.67 Crore in latest quarter.

Investment Rationale
Lack of follow through after reaching all-time highs and swing breakdown indicates signs of weakness.

Promoter/FII Holdings
Promoters held 75.0 per cent stake in the company as of 30-Jun-2023, while FIIs owned 9.46 per cent, DIIs 8.04 per cent.