Siemens gains on order from Power Grid worth Rs 570 crore

The order is for supply of STATCOMs at four substation locations of Power Grid

Shares of Siemens were up nearly 3% at Rs 1,289 on the Bombay Stock Exchange after the company announced that it has received an order from Power Grid Corporation worth Rs 570 crore.

The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of Static Synchronous Compensator (STATCOM) solutions at four substation locations of Power Grid Corporation: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha, the company said in a release.

The 400kV STATCOMs are being manufactured at the company's manufacturing plant at Goa, the release added.

The stock opened at Rs 1263 and touched a high of Rs 1,269. At 11:50am, over 122,000 shares were traded on both the stock exchanges.