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(31 Oct 2023, 15:04)

Siemens drops on buzz Siemens Energy weighs stake sale

Siemens dropped 2.88% to Rs 3331.90 following reports that Siemens Energy AG is contemplating selling a significant portion of its 24% stake in an Indian affiliate to former parent Siemens AG.


According to media reports, Siemens Energy is taking measures to strengthen its balance sheet, including seeking 15 billion euros in guarantees for industrial projects and exploring asset sales. Increasing Siemens AG's stake in Siemens is considered a strategic move that could be more easily explained to shareholders than providing guarantees to Siemens Energy. While no transaction is confirmed, there are suggestions that Siemens Energy may announce the divestment of shares in Siemens this week. Furthermore, Siemens AG currently holds a 51% stake in Siemens, while the total promoter shareholding of Siemens stands at 75%.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. The firm is the flagship listed company of Siemens AG in India.

Siemens reported profit after tax of Rs 424 crore for the third quarter of financial year 2023 ended 30 June 2023, registering an increase of 43.4% over the same period last year. Revenue for the period under review was at Rs 4,407 crore, a 14% rise over the corresponding quarter in the preceding year.


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