Siemens gains after board announces special dividend

Share of Siemens were up nearly 2% at Rs 1274 on the Bombay Stock Exchange after the board announced a special dividend of Rs 27.50 per equity share for the year ended March 31, 2016.

The engineering major posted 23% drop in net profit for the quarter ended June 30, 2016 at Rs 130 crore compared with Rs 168 crore for the corresponding quarter last fiscal.

Net sales for the quarter under review rose 10% to Rs 2563 crore compared with Rs 2322 crore for the quarter ended June 30, 2015.

The stock opened at Rs 1250 and touched a high of Rs 1292. At 10:20am, over 233,000 shares were traded on both the stock exchanges.