Power major ABB is declaring its financial performance on Tuesday. A clue can be seen from the Zurich-based ABB, the world's largest builder of power grids, last week announced its financial performance for the three months ended December 31, 2013, its net profit fell to $525 million from $604 million a year earlier. Revenue rose to $11.37 billion from $11.02 billion a year earlier. However, ABB in the July-September quarter net profit increased to ₹36 crore in the September quarter from ₹21 crore a year ago. Revenue fell 1.3 per cent to ₹1,762 crore.
Open offer to keep GSK Pharma on radar
Finally, GlaxoSmithKline Plc's open offer to public shareholders is happening this week. Through the open offer, which was supposed to open last week, the British parent company is looking to buy up to 2.06 crore shares at ₹3,100 per share is fair and reasonable. The offer opens on February 18 and ends on March 5. Parent GSK plans to raise its stake to as much as 75 per cent from 50.7 per cent in GlaxoSmithKline Pharmaceuticals. Meanwhile, the company is also declaring its financial results for the year ended December 31, 2013 on Tuesday.
Zooming higher,But, at a hurdle
Amtek Auto has zoomed more than 29 per cent in last two trading sessions, following strong results for the quarter ended December 2013. There is an increase in daily volumes in the past two sessions. The stock is hovering well above its 200-day moving average. During this rally, the stock has decisively broken-out of a key resistance at ₹75. However, the stock is testing its next important resistance in the band between ₹90 and ₹95. Failure to move beyond will pull it down to ₹80 and to ₹75. Subsequent hurdle to watch is pegged at ₹110.