Siemens zooms up on Torrent order

DALAL STREET SPIKES

Siemens spurted on Tuesday on bagging a new order. The stock zoomed to its new all-time high of Rs 2,150 before closing at Rs 2,108.95, up 5.98 per cent. More than 29 thousand shares changed hands at the counter on BSE on Tuesday.

Siemens stated that it has secured a Rs 2,240 crore turnkey engineering, procurement and construction contract from the Torrent Group. The contract is for setting up of an 1,106 mw 'Sugen' mega power project in Surat. Alstom was the other contender.

Siemens and Torrent have entered into a 50:50 JV to provide operations and maintenance service for this project. The stock has had a dream run of late backed by strong results and healthy order book position.

In May, Siemens bagged a Rs 925 crore contract from Mumbai Railway Vikas Corporation. Siemens AG holds 54.63 per cent stake in Siemens.