ABB India share price jumps over 8% to touch 52-week high following strong March quarter results. Is it time to buy?

livemint.com:

ABB India share price surged over 8% to touch a 52-week high on Monday's session following its March quarter results. ABB India reported a more than 87% spike in net profit to ₹460 crore in the March 2024 quarter, driven by greater revenues. The previous fiscal year's similar quarter earned a profit after tax of ₹245 crore, according to a company's exchange filing.

Its consolidated revenues climbed to ₹3,080 crore during the quarter under review, up from ₹2,411 crore the previous year, it said. The electrification and automation major's fiscal year runs from January to December. ABB India share price opened at ₹7,555 apiece on the BSE, the stock touched an intraday high at ₹7,792.40, and an intraday low of ₹7,408.90.

Also Read: Tata Motors share price tanks 9% after Q4 results 2024. Opportunity to buy? According to Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, the stock is in a strong uptrend and is continuously moving higher despite broad-based selling in the market. Today as well, we are seeing a 7% up surge.

We maintain a positive bias, but buying on dips would be preferred. ₹7,000–7,200 is a support zone, whereas ₹8,000 is a possible next resistance. The business claimed in an exchange filing that it is glad to report a great start to 2024, building on its outstanding performance in Q4 of 2023.