Siemens gains after signing MoU with IL&FS, GIFTCL

Siemens rose 1.53% to Rs 1,388.50 at 9:29 IST on BSE after the company said it signed a pact with two firms to develop smart mobility solutions for the tec-city in Gujarat.

The announcement was made after market hours yesterday, 6 October 2015.

Meanwhile, the BSE Sensex was almost flat at 26,933.65.

On BSE, so far 8,120 shares were traded in the counter, compared with an average volume of 31,000 shares in the past two weeks.

The stock hit a high of Rs 1,389.75 and a low of Rs 1,379.85 so far during the day. The stock hit a 52-week high of Rs 1,558 on 6 August 2015. The stock hit a 52-week low of Rs 770 on 16 October 2014.

Siemens signed a Memorandum of Understanding (MoU) with Infrastructure Leasing & Financial Services (IL&FS) and Gujarat International Finance Tec-City Company (GIFTCL) to develop Smart Mobility Solutions for Gujarat International Finance Tec-City (GIFT) in Gujarat. GIFT is a 50:50 joint venture of Gujarat Urban Development Company and leading infrastructure development company, IL&FS.

Siemens will collaborate with IL&FS to study, develop, and, design state-of-the-art, smart, city-level Mobility solutions for individuals, groups as well as moving masses of people both within the GIFT city and between other nodes, Siemens said.

GIFT, a globally benchmarked smart city on the banks of the Sabarmati River in Ahmedabad is one of the most ambitious projects undertaken in the Indian infrastructure space and is being designed as a hub for the global finance services industry.

Siemens' net profit rose 1195.23% to Rs 168.25 crore on 0.1% increase in net sales to Rs 2322.01 crore in Q3 June 2015 over Q3 June 2014.

Siemens focuses on the areas of electrification, automation and digitalization. It is one of the leading producers of energy-efficient, resource-saving technologies; combined cycle turbines for power generation; and power transmission solutions. Siemens is a pioneer in infrastructure solutions and automation and software solutions for industry. The company is also a leading supplier of medical imaging equipment - such as computed tomography and magnetic resonance imaging systems - and a leader in laboratory diagnostics as well as clinical IT. Siemens, in which Siemens AG holds 75% of the capital, is the flagship listed company of Siemens AG in India.

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