Siemens sizzles after solid Q3 results

Siemens rose 6.50% to Rs 1,172.35 at 11:45 IST on BSE after consolidated net profit rose 21.3% to Rs 250.10 crore on a 4.7% increase in net sales to Rs 3,128.10 crore in Q3 June 2019 compared with Q3 June 2018.

The result was announced after trading hours yesterday, 7 August 2019.

Meanwhile, S&P BSE Sensex was up 96.90 points or 0.26% at 36,787.40.

On BSE, 52,000 shares were traded in Siemens counter, compared to a 2-week average of 35,000 shares. The stock hit an intraday high of Rs 1,191.90 and an intraday low of Rs 1,103.55. It hit a 52-week high of Rs 1,366.85 on 5 July 2019 and a 52-week low of Rs 841 on 22 October 2018.

New orders stood at Rs 3,023 crore, registering a 6.4% increase over the same quarter last year.

Siemens' managing director and chief executive officer, Sunil Mathur, said, "We have delivered very solid results in the third quarter although we see a slowdown in capex related ordering by our customers, both public and private, and across our market verticals. Liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down. In this scenario, our focus continues on driving our short term and digitalization businesses with a clear focus on profitable growth and working capital management."

Siemens India manufactures steam turbines, turbo compressors, high-voltage switchgear (circuit breakers, disconnectors and gas-insulated switchgear), switchboards, remote monitoring systems (RMS), fire detectors and suppression systems, motors and generators, relays and Smart Grid systems, transformers, and advanced medical imaging equipment.

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