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Siemens share scales all-time high after March quarter profit surges 90%

Siemens share scales all-time high after March quarter profit surges 90%

Siemens share touched fresh high of Rs 2143.2, rising 9.96% against previous close of Rs 1,949 on BSE

Siemens share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages Siemens share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Siemens share hit all-time high today after firm posted an over 90 per cent rise in consolidated net profit for March quarter on the back of higher revenues. Siemens share touched fresh high of Rs 2143.2, rising 9.96% against previous close of Rs 1,949 on BSE.

The stock gained 11.61% in the last 3 days. The share opened higher with a gain of 2.72% at Rs 2,002. Siemens share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The large cap share has gained 104.21% in one year and risen 31.48% since the beginning of this year. Market cap of the firm rose to Rs 73,966 crore. The stock hit 52-week high of Rs 2,143 on May 12, 2021 and 52-week low of Rs 990.30 on May 18, 2020.

Total 1.56 lakh shares of the firm changed hands amounting to turnover of Rs 32.48 crore on BSE.

The firm reported a 90.32 per cent rise in consolidated net profit at Rs 334.4 crore for the March quarter against consolidated net profit of Rs 175.7 crore in the quarter ended March 31, 2020.

Total income rose to Rs 3,540 crore in the March quarter from Rs 2,722.1 crore in the same period a year ago. The company follows the October to September financial year.

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"Order growth has been robust across all our businesses. There has been increased demand in our power transmission, digital grid and distribution systems businesses. Our digital industries segment saw growth in the machine tool and process automation businesses.

"The March-end quarter demonstrated a steady revival in the economy with both private and public sectors beginning to invest in anticipation of future growth," Siemens Limited Managing Director and Chief Executive Officer Sunil Mathur said.

Stating that the second surge of the pandemic has impacted human lives in an unprecedented manner, Mathur said a cross-functional Siemens India Task Force Team has been working since March 2020 to coordinate the implementation of concrete measures to support employees at this difficult time.Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems, among others

Meanwhile, Sensex and Nifty were trading lower for the second consecutive session. While Sensex fell 452 points to 48,709, Nifty lost 127 points to 14,723.