Siemens jumps after profit beat, analyst upgrade

Reuters August 8 | Updated on August 08, 2019 Published on August 08, 2019

Siemens focuses on the areas of electrification, automation and digitalisation.   -  File photo

Shares of industrial conglomerate, Siemens, rose as much as 8.2 per cent to Rs 1,192.1, the best day for the share in nearly 3-1/2 years.

The company's June-quarter profit beat estimates. It has named Daniel Spindler as CFO, replacing Christian Rummel.

Prabhudas Lilladher (PL) has upgraded the stock to “buy” from “accumulate” on attractive valuations.

Expect the company to benefit from its strong focus on digitalisation/ automation opportunity, due to very low penetration and industry's drive to improve efficiency, Prabhudar Lilladher said.

Now, 10 of 18 analysts rate the stock “buy” or higher;median PT is Rs 1,165, according to Refinitiv Eikon.

Up to last close, the stock had risen 5.2 per cent.

Published on August 08, 2019
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