As bears grip the Indian market, this multibagger stock is soaring on the bourses

The company touched a fresh 52-week high and is also up by 2.50%.

ABB India Ltd delivered exceptional returns to its investors in two years. From Rs 950 on 31 August 2020 to Rs 3264 on 30 August 2022, the company grew by 243.57% in just two years. This company touched a fresh 52-week high in a volatile market today and is also up by 2.98%.

ABB India Ltd is an integrated power equipment manufacturer supplying a complete range of engineering, products, solutions, and services in the areas of Automation and Power technology. 

On 30 August 2022, the company announced that the board of directors approved the proposal to sell the 31,49,99,999 equity shares held by the company in Turbocharging Industries and Services India Private Limited to Turbo Systems Switzerland, an indirect wholly owned subsidiary of ABB Ltd. The terms and conditions were approved by the Board and 1 equity share was held by Bhanutej Keshavrao Patil in TISIPL as a nominee of the Company to a nominee of TSSL. 

In Q1FY23, revenue jumped by 44.12% YoY to Rs 2036.31 crore from Rs 1412.9 crore in Q1FY22. PBIDT (Ex OI) was reported at Rs 198.76 crore, a growth of 109.77% as compared to the year-ago period which was reported at Rs 94.75. PAT was reported at Rs 147.06 crore, a jump of 115.25% from Rs 68.32 crore in the same quarter of the previous fiscal year.   

The company is currently trading at a TTM PE of 83.27x, as against the industry PE of 50.41x. The market cap of the company is Rs 69173 crore.   

In a volatile trading session on Thursday, September 1, 2022, the stock witnessed a gain of 2.90% and the scrip was trading at Rs 3359. The stock has registered a fresh 52-week high of Rs 3392.4 and it has a low of Rs 1792.4 on BSE.