Shares of Siemens Ltd jumped over 5% on Wednesday's early trade, after the company emerged as the lowest bidder (L1) for the 9,000 HP electric locomotives project in Dahod, Gujarat, for 20,000 crore rupees on Tuesday.
In April, Indian Railways floated a tender for the manufacturing and maintenance of 9,000 HP electric locomotives in Dahod.
The Dahod facility will produce 1,200 locomotives over the course of 11 years, from 2023–2024 to 2033–2034. Five locomotives will be provided in the first year and 35 in the second by the winning bidder.
The third and fourth years will see annual deliveries of up to 80 locomotives.
In the fifth and sixth years, the manufacturing will be increased to 100 locomotives annually. After that, until 2033–2034, 160 locomotives will be produced annually.
On the technical front, the stock has gained 35.27% from 52-week low of 2,150.1 made on May 9. According to trendlyne, the stock is trading at high volume of 1.2 million with price gain of 5.24.