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Siemens drops 4% on disappointing Q4 net
This article was posted on Nov 23, 2011 and is filed under Market News
Siemens has tumbled 4% in morning trades following a 29% drop in Q4 net profit.
Siemens reported a 29% drop in net profit for the quarter ended September 2011 at Rs 178.1 crore due to exchange loss of Rs 158.6 crore. Sales grew 19% over the corresponding previous quarter at Rs 3,558.6 crore. New orders and order backlogs were at Rs 12,288.6 crore and Rs 13,921.3 crore, respectively.
The stock opened at Rs 699 and dipped over 5% to a new 52-week low of Rs 664. The stock is now down 4.2% at Rs 671. Around 54,000 shares have been traded on the BSE counter so far, as against a two-week daily traded average of 35,000 shares.
Source: Business Standard
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