ABB India stocks tumble over 8% post Q1 earnings
The stock of the company tumbled 7.84% to Rs 1,240.60 at the Bombay Stock Exchange (BSE).
The shares of engineering firm ABB India on Tuesday plunged over 8% after the company's January-March quarter earnings failed to impress investors amid weak order inflow.
The stock tumbled 7.84% to Rs 1,240.60 at the Bombay Stock Exchange (BSE).
On the National Stock Exchange (NSE), the stock of the company slipped 8.13% to Rs 1,236.10.
The company received orders worth Rs 1,830 crore in the first quarter (Q1) of 2016 (January-March) against Rs 1,856 crore in the same quarter of the previous fiscal.
"Large orders, especially those based on industry capital expenditure, remained scarce as customers continued to delay investment decisions on low demand and under-utilised capacity," the company said in a release on Monday.
ABB India posted 30% jump in net profit at Rs 70.98 crore in the January-March quarter as compared to Rs 54.29 crore in the corresponding period a year ago, the company had said.
The firm's total income increased to Rs 2,015.08 crore for the quarter ended March 31, 2016, from Rs 1,815.29 crore during the same quarter in the year-ago period.
At 15:22 hours, the shares of ABB India recovered slightly but were still trading below the red line at 4.03% or Rs 54.25 at Rs 1,291.95 per scrip on the BSE.