Siemens gets a high on better performance

DALAL STREET SPIKES

MNC company Siemens was in the limelight gaining 2.26 per cent in a rather subdued market on the back of strong quarterly numbers. The stock in yesterday's trading closed at Rs 964.40 after hitting the day's high of Rs 975.

The counter witnessed thin volumes of more 3,724 shares on the BSE. With yesterday's gain, the stock has now appreciated more than 5 per cent in the last two trading sessions after the company announced its June quarter results on Monday.

For the quarter ended June 30, 2004, the company posted a 129 per cent jump in its net profit to Rs 35.6 crore. Total income for the quarter was Rs 460 crore as against Rs 310 crore for the quarter ended June 2003.

Analysts said, there is selective buying witnessed at this counter on back of company's impressive June quarter results.

Overall the strategy in the market is to adopt a bottoms up approach of stock picking, the analysts added.