Siemens shines on bagging Nagpur metro project

Siemens won an order of Rs 287 crore for the Nagpur metro project. The company will work jointly work on the metro project with Siemens Rail Automation SAU Spain. Out of the total awarded amount, Siemens' share is Rs 146 crore.

Siemens is going to supply state-of-the-art signalling technology for the first two metro lines of the Nagpur Metro i.e. the north-south and the east-west corridors. The company will deploy and install communications-based train control (CBTC) solution trainguard MT for 38.2 kilometres of double track with 36 stations and two depots, as well as on the board equipment for 23 three-car trains. The management department of Siemens is confident of delivering the project within a minimum cost. The company also won an order of Rs 101 crore from Delhi Transco.

On the financial front, Siemens' revenue decreased 0.91 per cent to Rs 2,293 crore in Q3FY17 on yearly basis. The company's net profit boosted by 44.14 per cent to Rs 160 crore in Q3FY1 as compared to the same period in previous financial year.

The share price of Siemens increased 1.73 per cent in an early trade and is trading at Rs 1,230 in an intraday basis.