ABB India jumps 5% on board's nod to sell solar inverter business

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ABB India shares rallied 5 percent intraday on July 9 after the company finalised to sell its solar inverter business.

"The board of directors has granted in-principle approval for the sale of company's solar inverter business to an Italian company, FIMER S.p.A," the Switzerland-headquartered company's Indian subsidiary said in its BSE filing.

The board authorised the management of the company to take all required steps including the appointment of advisors, valuers etc.

"The board's decision is in line with ABB Group’s strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on the quality of revenue and higher growth segments, the company said.

The stock was quoting at Rs 1,544.85, up Rs 60, or 4.04 percent on the BSE at 1412 hours IST.