ABB dips on slowdown in orders
ABB is trading lower by 3% at Rs 727, after the company said it has received orders worth Rs 1,632 crore in Q12012 (down 4%) given the slowdown in ordering from the power sector due to poor market sentiment.
The power and automation technology major has reported 19% year-on-year (yoy) drop in net profit at Rs 48 crore. Net sales too, slipped marginally to Rs 1,773 crore from Rs 1,781 crore during the recently concluded quarter.
“The earnings were adversely impacted mainly due to forex loss of Rs 33 crore for the quarter ended March 2012, against a forex gain of Rs 3 crore for the same period last year," the company said in a press release.
The stock opened at Rs 730 and hit a low of Rs 724 on the National Stock Exchange. A combined 66,247 shares have changed hands on the counter till early noon deals on both the exchanges.