Siemens wins orders worth Rs 450 cr, stock rises

Engineering firm Siemens has bagged orders worth Rs 450 crore from Varanasi-based Diesel Locomotive Works.

"The mobility division of Siemens Ltd has won three orders worth approximately Rs 450 crore from... Diesel Locomotive Works of Indian Railways for locomotive equipment," Siemens said a statement.

The company further said that it will supply and supervise the installation and commissioning of three-phase propulsion systems for Diesel Electric Locomotives and three-phase traction motors.

Diesel Locomotives Works is a production unit of Indian Railways located at Varanasi and manufactures around 300 diesel electric locomotives every year.

At 2:05 pm, the Siemens stock rose almost 2 per cent.