Siemens rallies after emerging as the lowest bidder for manufacturing 1,200 electric locomotives – EQ Mag
On Wednesday, the stock opened at Rs 2806 and touched a high and low of Rs 2926 and Rs 2806, respectively.
At 10 am, the shares of Siemens were trading at Rs 2902.55, up by 136.15 points or 4.92% from its previous closing of Rs 2766.40 on the BSE.
Siemens was the lowest bidder for a project worth more than Rs 20,000 crore to manufacture 1,200 electric locomotives with 9000 HP (horsepower) in Dahod, Gujarat. In April of this year, Indian Railways issued a tender for the production and maintenance of 9,000 HP electric locomotives at Dahod.
The 1,200 locomotives will be built at the Dahod facility over 11 years, from 2023-24 to 2033-34. The winning bidder will provide five locomotives in the first year and 35 in the second. In the third and fourth years, up to 80 locomotives will be delivered per year. In the fifth and sixth years, production will be increased to 100 locomotives per year. Following that, 160 locomotives will be produced each year for the next five years, until 2033-34.
Siemens Limited provides products, integrated solutions for industrial applications for the manufacturing industry, drives for the process industry, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation, and rail electrification systems.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 15.55% and 9.45% respectively.
The BSE group ‘A’ stock of face value of Rs 2 has a 52-week high and low of Rs 3136.80 and Rs 2150.75, respectively.
Last one week high and low of the scrip stood at Rs 2926.00 and Rs 2727.00 respectively. The current market cap of the company is Rs 98517.11 crore.
Source: PTI
