ABB, a leading player in power and automation technologies, , witnessed a rise in share price on Wednesday after it has won orders worth Rs 3.34 billion from public utilities, Bihar Grid Corporation (BGCL) and West Bengal State Electricity Transmission Company (WBSETCL), to build new transmission and distribution substations that will boost power supplies in the region.
The two east Indian states of Bihar and West Bengal regularly face significant power shortfalls and demand is rising, fuelled by mining, agriculture and increasing urbanization. Both states have ambitious plans to significantly enhance their power-generation capacity, which in turn needs complementary transmission infrastructure.
Shares of the company are trading at Rs 1,160, up Rs 33.85, or 3.01% at the Bombay Stock Exchange (BSE) on Wednesday at 3:07 p.m.
The scrip has touched an intra-day high of Rs 1,174.45 and low of Rs 1,126.15. The total volume of shares traded at the BSE is 26,010.