Siemens Hits 52-week High on Robust Quarterly Numbers

Shares of Siemens Ltd surged as much as 5 per cent to Rs 1,091, also its new 52-week high, after the engineering firm said that its third quarter net profit jumped over eight times to Rs 634 crore compared to Rs 65 crore reported during the same quarter previous year. 

 

The profit for the quarter under review grew largely because of an exceptional gain of Rs 704.6 crore from the sale of the of metals technologies business.

 

The order intake of the company grew 4 per cent to Rs 2,089.3 crore compared to Rs. 2,008.7 crore in third quarter of the previous fiscal.

 

Motilal Oswal in a research report said that the performance in the third quarter is above estimates and material costs are at the lowest levels in the past 10-12 years, supported by depreciation witnessed in the Euro.

 

At 12:30 PM, the stock was trading higher by 3.3 per cent at Rs 1,074.