Order Book Continues to Remain Robust; Fairly Valued ABB India's revenue grew by 11% YoY to Rs27.3bn, led by better performance by Power Grids and Industrial Automation business. While revenue from Robotics remained flat, electrification revenue declined by ~10% YoY. Its PAT grew by a soft 5% YoY to Rs1.7bn on the back of weaker operating performance and reduced other income despite lower interest cost and tax outgo. Notably, the stock has witnessed a sharp rally since our initiation report with BUY recommendation in Jan'17. Hence, we change our recommendation to HOLD with an...