Siemens rose 0.37% to Rs 474.10 at 10:37 IST on BSE after the company said it has bagged a contract worth Rs 104.40 crore from Bangladesh Steels Re-Rolling Mills to build a Gas Insulated Switchgear substation.
The company made the announcement during trading hours today, 10 April 2013.
Meanwhile, the S&P BSE Sensex was up 7.23 points or 0.04% at 18,233.71.
On BSE, 16,000 shares were traded in the counter as against average daily volume of 40,920 shares in the past one quarter.
The stock hit a low of Rs 467 so far during the day, matching its 52-week low on Tuesday, 9 April 2013. The stock hit a high of Rs 480.40 so far during the day. The stock had hit a 52-week high of Rs 838.70 on 18 April 2012.
The stock had underperformed the market over the past one month till 9 April 2013, sliding 11.4% compared with the Sensex's 7.4% fall. The scrip had also underperformed the market in past one quarter, declining 30.24% as against Sensex's 7.32% fall.
The large-cap company has equity capital of Rs 71.10 crore. Face value per share is Rs 2.
Siemens said the contract with Bangladesh Steels Re-Rolling Mills (BSRM) to build a Gas Insulated Switchgear (GIS) substation is the first private sector-funded GIS substation project and the largest order size in the GIS segment in Bangladesh. BSRM will be utilizing the GIS substation to provide uninterrupted power to its new 1 MTPA steel plant, Siemens said.
As an end-to-end solutions provider of power solutions, Siemen's Energy Sector will be implementing the project on a turnkey basis. Together with the 230kV/33kV GIS, Siemens will also provide high-performance, reliable, cost-competitive and energy-efficient technologies such as control relay panels and a substation automation system. The project is expected to be commissioned in 15 months, Siemens said in a statement.
Commenting on the new order win, Mr. A K Dixit, Sector Cluster Lead - Energy Sector, Siemens South Asia said, "It is a breakthrough for Siemens in the private sector in Bangladesh. With this project we intend to create a benchmark for future power projects in this country. Power is the need of the hour in Bangladesh, like in the rest of South Asia, and we are confident that Siemens technologies will form the back-bone of power infrastructure in the country".
Mr. Alihussain Akberali, Chairman, BSRM Group, Bangladesh said, "We take pride in the fact that BSRM will be in a position to contribute to the power sector of Bangladesh when the project gets implemented. It is BSRM's goal to strive for 'sustainable growth' and the capacity of the group is expanding with the establishment of new power plants. BSRM is confident of world-class and timely execution by Siemens".
The GIS solution to be implemented for BSRM Bangladesh is part of the SMART (simple-to-use, maintenance-friendly, affordable, reliable and timely-to-market) product portfolio that has high performance and utility value while being cost-competitive.
Siemens' net profit rose 21.4% to Rs 73.07 crore on 0.8% decline net sales to Rs 2450.86 crore in Q1 December 2012 over Q1 December 2011.
Siemens is a leading powerhouse in electronics and electrical engineering. Siemens AG holds 75% stake in Siemens.
Powered by Capital Market - Live News
