Siemens extends Monday's gains

Siemens rose 1.05% to Rs 540 at 9:22 IST on BSE, with the stock extending Monday's 6.28% rally triggered by the company reporting surge in its new orders in Q2 March 2013 over Q2 March 2012.

Meanwhile, the S&P BSE Sensex was up 185.37 points or 0.96% at 19,572.87.

On BSE, 1,483 shares were traded in the counter as against average daily volume of 98,887 shares in the past two weeks.

The stock hit a high of Rs 540 and a low of Rs 534.40 so far during the day.

Shares of Siemens had rallied 7.39% in two trading sessions from a recent low of Rs 502.80 on 26 April 2013, as the company at the time of announcement of Q2 March 2013 results on 26 April 2013 said its new orders rose 52% to Rs 2814.10 crore in Q2 March 2013 over Q2 March 2012. The stock had jumped 6.28% to settle at Rs 534.40 on Monday, 29 April 2013.

Siemens' net profit fell 89.9% to Rs 29.95 crore on 27.1% decline in net sales to Rs 2907.72 crore in Q2 March 2013 over Q2 March 2012. The company announced Q2 results during market hours on Friday, 26 April 2013. The stock had fallen 3.61% to settle at Rs 502.80 on that day.

Siemens said that the difference in net profit is primarily accounted for by a charge of Rs 90 crore in Q2 March 2013 on account of revised estimates of revenues, costs and project related provisions as against credit during Q2 March 2012 of Rs 265.98 crore.

Siemens is a leading powerhouse in electronics and electrical engineering. Siemens AG holds 71.65% stake in Siemens (as on 31 March 2013).

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