Shares of Siemens hit a fresh record high of Rs 3,940 after the company reported a solid earnings growth in the fourth quarter ended March 2023. At 12:55 PM, the stock was up 2.9 per cent at Rs 3,905 on trades of around 17,000 shares as against the two-week average volume of around 14,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 61,965.
Siemens is focused on industry, infrastructure, transport-relatd technology, as well as transmission and generation of electrical power.
So far in 2023, the stock has rallied as much as 38.8 per cent so far. Since June 2020, the stock price has soared over 257 or near about four-fold from levels of Rs 1,090. In comparision, the benchmark index was up mere 0.5 per cent so far this year, and has rallied 77 per cent in the last 35 months.
Last month, Siemens, as part of a consortium along with Rail Vikas Nigam Limited, had received two separate orders from Gujarat Metro Rail Corporation – for Surat Metro Phase 1 and Ahmedabad Metro Phase 2.
Earlier in January, Siemens had signed Rs 26,000-crore contract to manufacture 1,200 electric freight locomotives for the Indian Railways.