Siemens fell 0.29% to Rs 537.15 on BSE after net profit rose 2.36% to Rs 65.13 crore on 4.06% decline in total income to Rs 2401.45 crore in Q1 December 2013 over Q1 December 2012.
The result was announced during trading hours today, 30 January 2014.
Meanwhile, the BSE Sensex fell 149.05 points, or 0.72%, to 20,498.25.
On BSE, 74,000 shares were traded in the counter, compared with an average volume of 47,850 shares in the past one quarter.
Trading was volatile in the Siemens counter. The stock fell as much as 4.96% at the day's low of Rs 512, before the company announced its Q1 result. However, after the result was announced, the stock rose as much as 1.16% to hit the day's high of Rs 544.95.
The stock hit a 52-week high of Rs 682 on 26 December 2013. The stock hit a 52-week low of Rs 414.05 on 3 September 2013.
The stock had underperformed the market over the past one month till 29 January 2014, sliding 18.80% compared with the Sensex's 2.58% fall. The scrip had also underperformed the market in past one quarter, sliding 1.46% as against Sensex's 1.35% fall.
The large-cap company has an equity capital of Rs 71.22 crore. Face value per share is Rs 2.
Siemens registered new orders of Rs 2005.80 crore in Q1 December 2013 compared with Rs 2002.80 crore Q1 December 2012.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens, said, "While the results were impacted by the challenging macro-economic situation, they also reflect the benefits of various internal measures aimed at increasing the company's competitiveness. Our focus continues to be on stabilizing our operations and strengthening our core competence. As an organization, we are preparing for the next phase of growth."
Siemens said its board has appointed Mr. Christian Rummel as Executive Director and Chief Financial Officer (CFO), of the company with effect from 1 February 2014. Mr. Rummel has been with Siemens AG for over 24 years during which he has held various senior management positions. Prior to his appointment as CFO of Siemens, he was Senior Vice President & Chief Financial Officer, Molecular Imaging, Healthcare Sector of Siemens AG since 2009 based in USA.
Meanwhile, the board also approved the acquisition of 100% equity shares of Siemens Rail Automation (a Siemens group company) for a consideration of Rs 55 crore, subject to all requisite regulatory approvals. Siemens Rail Automation is engaged in the business of manufacture, supply, design, installation and commissioning of railway signalling equipments consisting of trackside and on board equipment. The business is complementary to the existing business of the company and should provide significant synergies, the company said in a statement.
Siemens, in which Siemens AG holds 75% of the capital, is the flagship listed company of Siemens AG in India. Siemens in India, comprising 13 legal entities (as of 31 December 2013), is a leading powerhouse in electronics and electrical engineering with a business volume aggregating about Rs 12000 crore. It operates in the core business areas of industry, infrastmcture & cities, energy and healthcare. It has a nation-wide sales and service network, 23 manufacturing plants.
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