ABB India Announces $4 B for Share Buy Back

Mukesh Buch
09 Sep, 2014
New York City

ABB announced a $4 billion share buyback program from September 16. Apollo Tyres plans to set up a new plant in Hungary worth for $600 million. Cipla signed commercial collaboration with UK-based S&D Pharma. Jyoti won a contract worth Rs 423 crore.

[R]6:00 PM Mumbai – ABB announced a $4 billion share buyback program from September 16. Apollo Tyres plans to set up a new plant in Hungary worth for $600 million. Cipla signed commercial collaboration with UK-based S&D Pharma. Jyoti won a contract worth Rs 423 crore.[/R]

The Sensex Index fell 54.53 or 0.2% to close at 27,265.32 The CNX Nifty slid 20.95 to 8,152.95.

Gainers & Losers

ABB India Ltd jumped 3.3% to Rs 1,147.80 after the Switzerland-based parent company plans to buy back share for as much as $4 billion from September 16.

Apollo Tyres Ltd increased 0.6% to Rs 210.85 after the company plans to set up a new plant in Hungary worth Rs 3,450 crore or €442.2 million, the project funded by the European Commission.

Cipla Ltd jumped 2.1% to Rs 575.20 after the generic drug maker signed a commercial collaboration with the UK-based S&D Pharma in the Czech Republic and Slovakia.

Jyoti Ltd climbed 6.5% to Rs 83.25 after the company won maintenance contract worth Rs 422.98 crore in joint venture with Megha Engineering & Infrastructures Ltd from Sardar Sarovar Narmada Nigam Ltd.

Jayshree Chemicals Ltd soared 4.9% to Rs 15.30 after the company sold its Chlor Alkali business to Aditya Birla Chemicals for Rs 212 crore in cash.

NTPC Limited edged up 0.04% to Rs 140.50 after the electric power producer paid dividend to the government of about Rs 4,741.16 crore for the fiscal 2013-2014.

Sadbhav Engineering Limited surged 8.3% to Rs 225.95 after the company said its board approved up to Rs 250 crore through a qualified institutions placement.