ABB rises on collaborating with Parason to scale up sustainable packaging in India

Today, the scrip opened at Rs 3290.15 and has touched a high and low of Rs 3384.10 and Rs 3290.15, respectively.

On Thursday, the shares of ABB India closed at Rs 3359.75, up by 48.80 points or 1.47% from its previous closing of Rs 3310.95 on the BSE.

Collaboration to up-scale sustainable packaging  

ABB and Parason, one of the largest manufacturers & suppliers of pulp and paper machinery, have collaborated to automate and up-scale production of sustainable and compostable packaging solutions. The collaboration has been established to help Parason’s customers reduce their reliance on single-use plastics and Styrofoam packaging. These moulded fibre tableware products are widely used across multiple industries across restaurants and cafes, food catering, transport, travel and industry canteens.

ABB robots, integrated with Parason’s machinery, will help to facilitate the effective manufacturing of agro-waste products - creating 100% eco-friendly compostable packaging solutions. ABB initially deployed 10 robots at Parason’s five-forming machine cell and added another 20 robots at the end of last year.

Stock price movement 

On Thursday, the scrip opened at Rs 3290.15 and touched a high and low of Rs 3384.10 and Rs. 3290.15 respectively. The BSE group 'A' stock of face value of Rs 2 has touched a 52-week high and low of Rs 3445.65 and Rs 1944.60, respectively. Last one week high and low of the scrip stood at Rs 3430.00 and Rs 3260.05 respectively. The current market cap of the company is Rs 71,195.92 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 17.28% and 7.72% respectively.

Company Profile 

ABB India is one of India’s leading global technology and automation companies and has been operational for more than seven decades. It has plants in Bengaluru in Karnataka, Faridabad in Haryana, Nashik in Maharashtra and Vadodara in Gujarat. The company operates in four business areas: electrification, motion, process automation and robotics and discrete automation.