Mumbai: Shares of heavy electrical equipment giant ABB India Ltd gained over 3 percent after the company's overseas parent firm ABB announced share buyback programme.
ABB India's scrip rose by 3.26 percent to settle at Rs 1,147.80 on the BSE. During the day, it jumped 10.25 percent to Rs 1,225.55 -- its 52-week high.
At the NSE, the stock was up 3.13 percent to end the day at Rs 1,145.
"Our share buyback programme announced today allows shareholders to directly benefit from the continued solid cash generation of our businesses as well as our recent pruning of non-core businesses and is a strong sign of our commitment to continuously delivering attractive shareholder returns," said ABB CEO Ulrich Spiesshofer in a BSE filing.
ABB announced up to USD 4 billion share buyback program.
