Siemens down 6%

Siemens announced its Third quarter (Oct to Sept year) earnings ended 30th June; this was announced yesterday morning and today, the stock is down in the red, currently the top loser.

The company’s revenue from continuing operations was up 51% (YoY) at Rs. 3,865 crore while PAT came in at Rs.296 crore, up 85%.

New Orders from continuing operations stood at Rs. 4,992 crore, registering a 20% increase over the same period last year. Order backlog from continuing operations stood at an all-time high at Rs. 17,856 crore.

The earnings are clearly good but obviously it is profit booking and the overall mood on the Street today which has pushed the price down. The stock opened in the red today at Rs.2720 and went down to an intraday low at Rs.2575, down 6%.

What could have led to this sell off today also is the commentary by Sunil Mathur, CMD of the company, who said, “While we are currently not experiencing a slowing down in public and private capex spending, we are concerned about global headwinds impacting demand which could result in a slowdown in capex spending.”