ABB India gains on inking MoU with Tata Steel
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ABB India is currently trading at Rs. 4495.05, up by 54.20 points or 1.22% from its previous closing of Rs. 4440.85 on the BSE.
The scrip opened at Rs. 4449.85 and has touched a high and low of Rs. 4539.90 and Rs. 4447.00 respectively. So far 12958 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 4615.00 on 19-Jul-2023 and a 52 week low of Rs. 2640.45 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 4539.90 and Rs. 4246.00 respectively. The current market cap of the company is Rs. 95211.49 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 17.52% and 7.48% respectively.
ABB India has signed Memorandum of Understanding (MoU) with Tata Steel. The both companies will work together to co-create innovative models and technologies to help reduce the carbon footprint of steel production. ABB will bring global experience in automation, electrification and digitalization for the mining and metals industries.
Tata Steel is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum and is committed to major sustainability targets including achievement of carbon neutrality by 2045. In line with its aspirations, the steelmaker has a medium-term target to reduce carbon emissions to less than two tons of CO2 per ton of crude steel in its Indian operations by 2025.
The two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities for evaluation and co-development of short and long-term options for energy efficiency, decarbonization and circularity. ABB and Tata Steel will explore energy optimization via hydrogen as an alternative fuel for upstream processes and energy reduction as well as substitution through fully integrated electrification and digital systems such as ABB Ability eMine and e-Mobility solutions and energy efficient motors.
ABB India is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future.
