Shares of Siemens Ltd. rose the most since Feb. 3 after its third-quarter profit beat analysts’ estimates.
The company’s third-quarter consolidated net profit rose 85% to Rs 462.7 crore, on the back of higher revenue, beating analysts’ estimates of Rs 338.8 crore. The profit stood at Rs 247.7 crore in the same quarter of the previous fiscal.
Its revenue rose 17.5% to Rs 4,015.1 crore, the company said in the filing. It nearly met the consensus analyst estimates pooled by Bloomberg, which stood at Rs 4,059.8 crore.
The company’s board appointed Juergen Wagner as an additional director.
Nomura maintains a ‘neutral’ rating with a target price of Rs 3,008, whereas Kotak Institutional Equities maintains a ‘sell’ rating with a ‘fair value’ of Rs 2,900.
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