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Siemens Ltd dropped the most in over 7 months on weak order pipeline. The stock fell as much as 12 per cent to Rs 994.80, biggest daily percentage loss since September 27.
The company’s March quarter profit rose 18 per cent to Rs 220 crore ($33 mln), beating analyst estimate, according to Thomson Reuters data.
However, the company does not see pipeline of large and mega projects yet, says CEO Sunil Mathur. Delay in conversion of orders and slowdown in exports pose downside risks, say Deutsche Bank analysts. Deutsche Bank has rated the stock as 'hold' with a price target of Rs 1,134.
Eight out of 20 brokerages have rated the stock as “buy” or higher, five ”hold” and the rest “sell” or lower; their median price target is Rs 1,295.
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