Money on the markets

A maturing market amid the mayhem

ABB shares zoom

May 17, 2010

Shares in ABB surged 23.4 percent to 831 rupees on Monday after promoter ABB Asea Brown Boveri Ltd sought to buy up to 22.9 percent in the firm at 900 rupees a share.

The offer was at about 34 percent premium to Friday’s closing price. Shares in ABB ended trade with volumes of 1.17 million shares.

The deal, worth up to $965 million, would help strengthen ABB Asea Brown Boveri’s position in the fast-growing Indian market.

ABB shares have gained 5 percent this month. Seeing this upsurge, would you invest in the counter for quick profits, or do you think it has already peaked?

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