Siemens jumps up over 9.5%

Siemens is currently the top gainer on the BSE, up over 9.5% at Rs.1497.95 and tantalizingly very close to its 10% UC of the day at Rs.1498.60. Volumes are up over 4.5 times.

The stock has jumped up despite reporting a 5% (YoY) drop in consolidated net profit at Rs.330 crore for the quarter (It follows Oct-Sept year ending). Revenue from continuing operations fell over 9% at Rs.3422 crore.

The Profit was impacted due to expenses incurred during the lockdown period amounting to Rs.285 crore.

The market is looking ahead of these numbers. Maybe what it found encouraging was the 180 bps surge in EBITDA margin at 12.9%. And also on the fact that for the quarter July-September of Financial Year 2020, new orders from continuing operations grew by 9% and currently stands at Rs. 3,220 crore.