ABB India Ltd to provision Rs. 79 crore in FY2020

In the special meeting of Board of Directors of ABB India Ltd held today i.e. Thursday, December 17, 2020, the Board of Directors were provided with an overview of the status of certain open legacy projects in Conventional Power Generation segment of Company's Energy Industries Division belonging to Industrial Automation Business Area. The Board noted the status of these projects and the Management's assessment of estimated financial exposure which would have impact on the Company's financial performance for the current Financial Year 2020.

From the prudence point of view and also ensuring transparent reporting of the financials for the current quarter of the Financial Year, the Board approved the Management's proposal to make a onetime consolidated provision to the extent of around Rs.79 crore, during the current Financial Year 2020. The above is based on the strategic decision in the current quarter to ramp-down and de-risk the exposure of the aforesaid segment.

Shares of ABB India Limited was last trading in BSE at Rs.1236 as compared to the previous close of Rs. 1194.25. The total number of shares traded during the day was 21722 in over 1768 trades.

The stock hit an intraday high of Rs. 1239 and intraday low of 1185.05. The net turnover during the day was Rs. 26550705.

Source : Equity Bulls

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