Siemens shares jump 8 per cent after lowest bidder for Dahod project

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Siemens shares jump 8 per cent after lowest bidder for Dahod project

Shares of Siemens jumped 8 per cent in Wednesday's trade after the company said it had emerged as the lowest bidder for the 9000 HP Electric Locomotives project in Dahod, Gujarat, worth over 20,000 crore. In April of this year, Indian Railways had launched a tender for the manufacturing and maintenance of 9,000 HP electric locomotives.

The scrip went up 5.76 per cent to hit a high of Rs 2,926 on the BSE. The scrip hit a 52 week high of 3,136 on the scrip. There was an increase in the 52 week low of 2,150 at 80 and a 52 week low of 2,150. It is up 23 per cent year-to-date.

The 1,200 locomotives will be manufactured at the Dahod facility in 11 years from 2023 -- 24 to 2033 -- 34, according to PTI.

The successful bidder will supply five locomotives in the first year and 35 in the second year, and as many as 80 locomotives will be supplied per annum in the third and fourth years.

The production will be increased to 100 locomotives per annum in the fifth and sixth years. The PTI report suggested that 160 locomotives will be manufactured per annum for five years until 2033 - 34.

Siemens focuses on the areas of automation, automation and digitalization.