ABB Wins Power Transmission Project
Swiss engineering giant ABB Ltd. (NYSE: ABB – $22.48) said it has won a $640 million contract to deliver a 1,137-mile power-transmission link in India that could ultimately deliver electricity to more than 80 million people. The project to link central India and the southern state of Tamil Nadu is expected to be completed in 2019. The two-way link will integrate thermal and wind energy for transmission of power to high-consumption centers located over a thousand miles away, supporting electricity demands in the south, when wind strength is low, and transmitting clean energy to the north, when there is excess wind power. The shares of ABB have moved higher over the past 52-weeks by nearly 38% and yield 3.34%. The shares, still below the entry point when added to the conservative list, can be held for further recovery.