ABB India shares surge over 12% in weak market - Should you buy? Check target by Jefferies

ABB India Share Price Target: Shares of Electrification and automation major ABB India surged over 12 per cent on the BSE on Monday in an otherwise weak market. The counter opened the gap up at Rs 7555 with a gain of 5.19 per cent from the previous close of Rs 7182.15. Last seen, the counter held firmly in green and was trading at Rs 7899.50.

The surge comes after the company reported an 82 per cent year-on-year (YoY) rise in its net profit at Rs 467 crore in the March quarter on higher revenue.

The shares of ABB India, which has a market cap of Rs 1,67,420.33 crore, have a 52-week high of Rs 7,958 and a 52-week low of Rs 3,810.

ABB India share price target 

Global brokerage firm Jefferies has maintained the 'buy' call on the stock but has raised the target to Rs 8,845 from Rs 6,250.

Here's what Jefferies has to stay on ABB India stock

- 1QCY24 EBITDA 52 per cent higher than expectations as margins expanded by 650 bps YoY to 18.3 per cent vs expectations of 12.2 per cent.

- Order flows rose 15 per cent YoY Co’s release indicates that there is no material one-off in margins

ABB India's share price history

Shares of ABB India have given a multibagger return of over 100 per cent in one year and 244.77 in two years. So far this year, the counter has given a positive return of Rs 68.65.