Siemens stock rises after two sessions on order win from Indian Railways

Shares of Siemens rose after two days in the current session after the company bagged an order from the ministry of railways to manufacture electric freight locomotives. Siemens share opened with a gain of 2.94% at Rs 3030 on BSE. Siemens shares touched a fresh high of Rs 3051.80, rising 3.68% against the previous close of Rs 2943.60 on BSE. 

Siemens stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The large cap share has gained 25% in one year and risen 5.19% since the beginning of this year. Market cap of the firm rose to Rs 1.05 lakh crore. The stock hit a 52-week high of Rs 3136.80 on September 15, 2022 and 52-week low of Rs 2150.75 on May 9, 2022. 

Total 0.21 lakh shares of the firm changed hands amounting to turnover of Rs 6.15 crore on BSE. 

Siemens has received an order for 1,200 locomotives of 9000 horsepower (HP) from Indian Railways, marking the single largest locomotive order in the history of Siemens Mobility and single largest order in the history of Siemens in India, the company said. Siemens will design, manufacture, commission and test the locomotives. The contract has a total value of Rs 26,000 crore (approximately), excluding taxes and price variation. 

Deliveries are planned over an eleven-year period, and the contract includes 35 years of full service maintenance. 

The locomotives will be assembled in the Indian Railways factory in Dahod, Gujarat. 

Maintenance will be performed in four Indian Railways depots located in Vishakhapatnam, Raipur, Kharagpur and Pune. Locomotive assembly and maintenance will be implemented together with the staff of Indian Railways, the company added. 

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