Siemens extends Wednesday's gains after new order win

Siemens rose 0.71% to Rs 482.65 at 9:41 IST on BSE, with the stock extending Wednesday's 1.46% gains triggered by the firm securing a contract worth Rs 104.40 crore from Bangladesh Steels Re-Rolling Mills to build Gas Insulated Switchgear substation

Meanwhile, the S&P BSE Sensex was up 82.09 points or 0.45% at 18,496.54.

On BSE, 2,399 shares were traded in the counter as against average daily volume of 41,502 shares in the past one quarter.

The stock hit a high of Rs 485.95 and a low of Rs 481.85 so far during the day. The stock had hit a 52-week low of Rs 467 on 9 April 2013. The stock had hit a 52-week high of Rs 838.70 on 18 April 2012.

The stock had underperformed the market over the past one month till 10 April 2013, sliding 10.1% compared with the Sensex's 6.45% fall. The scrip had also underperformed the market in past one quarter, declining 29.24% as against Sensex's 6.35% fall.

The large-cap company has equity capital of Rs 71.10 crore. Face value per share is Rs 2.

Shares of Siemens have risen 2.18% in two trading sessions from Rs 472.35 on 9 April 2013, after the company during trading hours on Wednesday, 10 April 2013 said it has bagged a contract worth Rs 104.40 crore from Bangladesh Steels Re-Rolling Mills (BSRM) to build a Gas Insulated Switchgear (GIS) substation. The stock had risen 1.46% to settle at Rs 479.25 on Wednesday, 10 April 2013.

Siemens said the contract with BSRM to build a GIS substation is the first private sector-funded GIS substation project and the largest order size in the GIS segment in Bangladesh. BSRM will be utilizing the GIS substation to provide uninterrupted power to its new 1 MTPA steel plant, Siemens said.

As an end-to-end solutions provider of power solutions, Siemen's Energy Sector will be implementing the project on a turnkey basis. Together with the 230kV/33kV GIS, Siemens will also provide high-performance, reliable, cost-competitive and energy-efficient technologies such as control relay panels and a substation automation system. The project is expected to be commissioned in 15 months, Siemens said in a statement.

The GIS solution to be implemented for BSRM Bangladesh is part of the SMART (simple-to-use, maintenance-friendly, affordable, reliable and timely-to-market) product portfolio that has high performance and utility value while being cost-competitive.

Siemens' net profit rose 21.4% to Rs 73.07 crore on 0.8% decline net sales to Rs 2450.86 crore in Q1 December 2012 over Q1 December 2011.

Siemens is a leading powerhouse in electronics and electrical engineering. Siemens AG holds 75% stake in Siemens.

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