Stocks

ABB Power lists with 5% gain

Our Bureau Chennai | Updated on March 30, 2020 Published on March 30, 2020

Swap ratio: One share of APPSIL for every 5 shares of ABB

Shares of ABB Power Products and Systems India Ltd, the demerged powergrid entity of ABB, got listed on the bourses on Monday and hit the 5 per cent upper circuit at ₹714 on the BSE. The company had demerged from ABB India Ltd with effect from December 1, 2020, to become a standalone legal entity.

Shareholders of ABB India (as on the record date of December 23, 2019) would have received one share of APPSIL for every 5 shares.

“This is a key milestone for us,” said N Venu, Country Managing Director of ABB Power Grids in India. “We have been active in India for over six decades, serving the country as well as global markets. We have an extensive country-wide presence with around 4,500 dedicated employees across five manufacturing sites, 12 branch offices and R&D centre in the subcontinent, and our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders.

“We have made a major contribution in supporting India’s power infrastructure development and remain committed to shaping the future of sustainable energy, with pioneering technologies, as the partner of choice for enabling a stronger, smarter and greener grid,” he said, in a release to the stock exchanges.

For the April to December 2019 period, the business had a total revenue of ₹3,231 crore, with a profit before exceptional items and tax of ₹261 crore (PBT at ₹221 crore).

ABB Power Products and Systems India Limited is the standalone legal entity of ABB’s power grids business in India.

Shares of ABB are currently trading 2 per cent lower at ₹835 on the BSE.

Published on March 30, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.