Siemens shares gain on Railway Ministry nod for Rs 26000 crore order; analyst recommends buy

Siemens Share Price: Siemens Limited shares gained on Monday on news of Rs 26,000 crore worth contract it has bagged from Ministry of Railways. The stock was trading at Rs 2,858 on the NSE and was up by Rs 70.80 or 2.54 per cent around 10 am

Market Expert Himanshu Gupta said that the stock has been in correcting spree. However, Siemens stock is one of the two stocks in his list that must be bought on correction.

Siemens Share Price: Siemens Limited shares gained on Monday on news of Rs 26,000 crore worth contract it has bagged from Ministry of Railways. The stock was trading at Rs 2,858 on the NSE and was up by Rs 70.80 or 2.54 per cent around 10 am.

The US-based multi-national company has received a ‘Letter of Award’ after becoming the lowest bidder for 9,000 HP electric locomotive projects in Gujarat’s Dahod.

The company will be manufacturing 1,200 electric engines over a period of 11 years. On 6 December, the company had already informed exchanges about becoming the lowest bidder.

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Market Expert Himanshu Gupta said that the stock has been in correcting spree. However, Siemens stock is one of the two stocks in his list that must be bought on correction.

He said any dip around Rs 2700 is the opportunity to buy this stock with a positional term view. At this level, the strong offers a strong risk to reward ratio. The current declines are healthy correction and the stock has seen uptrend.

Siemens shares have outperformed the Nifty50 over 1-year period, according to data sourced from Trendlyne. The counter has given a 17 per cent return during this period against 5 per cent given by the broader market Nifty50.

Momentum indicators RSI and MFI indicate mixed trends in this stock. RSI is at 40.9 while MFI is at 76. A number below 30 is considered oversold and above 70 is overbought. Out of 16 bullish moving averages, 4 are in the green against 12 which are in red.

The 52-week high for this counter is Rs 3138, which it hit on 15 September 2022 while the 52-week low is at 2150 which was made on 9 September 2022.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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