52-week high alert: The heavy electrical company receives electrification and automation contract for ArcelorMittal Nippon Steel (AMNS)!
The stock is up by 95 per cent in just 1 year and over 150 per cent in 2 years.
ABB India has been appointed to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s (AM/NS India) advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the flagship manufacturing plant comes through John Cockerill India Limited (JCIL), the original equipment manufacturer (OEM) for the project. The new CRM with advanced processing lines is due to be commissioned in 2024.
AM/NS India – a joint venture between two of the world’s leading steel companies ArcelorMittal and Nippon Steel – is setting up the new CRM as part of its downstream expansion plan. ABB India is supplying cutting-edge electrification and automation solutions, such as the ABB Ability™ System 800xA distributed control system (DCS), along with related equipment and components, to assist in improving energy efficiency, optimizing zinc consumption, and achieving exceptional corrosion resistance in the steel manufacturing cycle. These efforts are aimed at aiding AM/NS India in its mission to achieve higher sustainability standards at Hazira.
A leading integrated flat carbon steel producer in India, AM/NS India has a crude steel capacity of 9 million metric tons per annum with state-of-the-art downstream facilities. It produces a fully diversified range of flat steel products, including value-added steel, and has a pellet capacity of 20 million metric tons.
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On Friday, shares of ABB India Ltd surged 0.31 per cent to Rs 4,421.51 per share from its previous closing of Rs 4,407.40. The stock also traded at a new 52-week high of Rs 4,444.50 per share.
According to the financials, the company has a market cap of Rs 93,690 crore with a 5-year CAGR of 35 per cent. The company reported positive numbers in its Quarterly Results (Q4) and annual results (FY23).
The stock is up by 95 per cent in just 1 year and over 150 per cent in 2 years. Investors should keep an eye on this Large-Cap stock under the radar.