ABB India Q1 results: Net profit drops 26%
ABB India Q1 results:
In the period January-March 2020 compared to the quarter of Rs 89 crore in the year-ago, ABB India announced a decrease in net profit on Wednesday of nearly 26% to Rs 66 crore.
In the same quarter of last year, in a declaration, the company reported that the company’s total income declined to Rs 1,568.02 from Rs 1869.37 crore in the March period.
The business is in the financial year from January to December. “ABB has reacted to the COVID-19 pandemic by ensuring that our entire ecosystem from workers to consumers, suppliers, and health awareness and security measures are safe and secure.
“Along with the Government’s regular consultation on the prevention of disruption in supply and development downtimes, our risk assessment evolves every day,” said Sanjeev Sharma, ABB India Managing Director in the statement.
The business continued to expand with rising orders and maintaining a solid cash position with relentless efforts, he said.
“ABB continues to seek growth in the related domestic and foreign markets after the COVID 19 period,” he added.
Total requests from various divisions including engineering, the electrical and transport equipment industry as well as the metals and energy business increased by 10%.
As of 31 March 2020, the order backlog for ABB India amounted at Rs 4,444 Crore, higher than before, giving some visibility of sales in the coming quarters, it added.
Besides, On May 14th the share trading with the bearish trend. It trades with a loss of 11.95 points reached 843.70 INR with 1.40% down in NSE. Whereas in BSE, it trading with a loss of 12.05 points reached 844.00 INR with 1.41% down.
May 14th Stock Market Update Sensex and Nifty
On the fourth day of the week, the stock market trading with the bearish trend. The Sensex traded with a loss of 655.64 points reached a 31,352.97 level with 2.05% down. Whereas, Nifty traded with a loss of 178.40 points reached 9,205.15 level with 1.90% down.
In the border market, the S&P BSE Midcap traded with a gain of 3.98 points reached 11,585.70 with 0.034% up. Whereas, S&P BSE SmallCap traded with a loss of 36.99 points reached 10,737.44 with 0.34% down. At the same time, Nifty bank traded with a loss of 400.65 points reached 19,234.30 with 2.04% down.
Top Gaining Stocks: Bajaj Finance, Britannia Industries, Nestle India, Sun Pharmaceutical Industries, and Bajaj Finserv Ltd.
Top Losing Stocks: NTPC, Hindalco Industries, Infosys, Power Grid Corporation of India, and GAIL (India) Limited.