Shares of Siemens jumped 8 per cent in Wednesday's trade after the company said it has emerged as the lowest bidder for the 9000 HP Electric Locomotives project in Dahod, Gujarat, worth over Rs 20,000 crore. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives in April this year.
The scrip rose 5.76 per cent to hit a high of Rs 2,926 on BSE. The scrip hit a 52-week high of 3,136.80 and a 52-week low of 2,150.75. It is up 23 per cent year-to-date.
The 1,200 locomotives will be manufactured at Dahod facility in 11 years from 2023-24 to 2033-34, PTI reported.
The successful bidder will supply five locomotives in the first year and 35 in the second year, it noted adding that as many as 80 locomotives will be supplied per annum in the third and fourth years.
The production will be increased to 100 locomotives per annum in the fifth and the sixth year. Thereafter 160 locomotives will be manufactured per annum for five years till 2033-34, the PTI report suggested.
Siemens focuses on the areas of electrification, automation and digitalization.
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