Siemens rings loud on BSNL tender move

DALAL STREET SPIKES

Siemens gained 14.29 per cent to Rs 5,187.05 on bargain buying after a recent steep fall. Nearly 112,582 shares changed hands on the BSE compared with an average of 45,000 shares.

The stock had tumbled 23 per cent in the past three trading sessions to Rs 4,538.45 on May 22 from a recent high of Rs 5,914.90 on May 17, in a weak market.

Tuesday's rebound in the stock was also due to reports that Siemens Communications, a major player in the global space, has firmed up its bid for the six million lines tender floated by the BSNL.

The eligibility clause include local manufacturing of at least 30 per cent of the order size. This has raised expectations that Siemens Public Communications Networks which is a 100 per cent subsidiary of Siemens Ltd would get part of the order.