5 Minutes Read

Siemens net profit rises over 9% to ₹505.4 crore in Q1SY24; revenue at ₹4,825.2 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Siemens revenue rose 3.1% on a YoY basis to ₹4,825.2 crore in the quarter under review. It had reported a revenue of ₹4,680 in the same quarter a year ago.

Engineering and automation major Siemens Ltd on Tuesday (February 13) reported a 9.2% year-on-year (YoY) jump in net profit at ₹505.4 crore in Q1SY24 led by higher revenues. The company follows the October-September financial year. It had reported a net profit of ₹462 crore in the same quarter in the previous financial year.

Siemens revenue rose 20.2% on a YoY basis to ₹4,825.2 crore in the quarter under review. It had reported a revenue of ₹4,015 crore in the same quarter a year ago.

The automation major’s EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at ₹596 crore in Q1SY24, dropping marginally by 0.5% on a YoY basis, from ₹599 crore in Q1SY23. The margin declined by 270 basis points to 12.3% in the quarter under review, from 15% a year ago in the same quarter.

The company also informed that it has received new orders of ₹5,971 crore in the first quarter, a 10% increase over the same period of last year.

The first quarter (result) includes significant gain of ₹103 crore due to positive effects of foreign exchange and commodities, the company said.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “While strong revenues came in from our digital industries, smart infrastructure and mobility businesses, our order income growth came from our energy business driven primarily by our transmission business.”

There was a decline in new orders in the digital industries automation business on account of destocking following normalisation in demand, he added.

Further, Mathur said, “We would like to wish our current CFO, Daniel Spindler, as he moves on to take a senior management role with Siemens AG and thank him for his contribution to Siemens Ltd. We would like to welcome his successor, Wolfgang Wrumnig, in his new role as CFO of the company.”

In November, Siemens had informed the exchanges that Spindler had tendered his resignation as the Chief Financial Officer of the company, with effect from the close of business hours of February 29, 2024.

The board has recommended the appointment of Wolfgang Wrumnig as Executive Director and Chief Financial Officer (Key Managerial Personnel), for a period of five years, from March 1, 2024, to March 28, 2029.

The 58-year-old Wrumnig has done his studies in Applied Business Administration at the University of Klagenfurt, Austria and is a Master of Social Sciences and Economics. He is the Chief Financial Officer (CFO) of Siemens Aktiengesellschaft sterreich, Austria since October 2016.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Siemens hits 52-week high on board nod for incorporating energy business subsidiary

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

At the meeting held on Monday, Siemens’ Board of Directors approved to immediately incorporate a wholly owned subsidiary in Mumbai, on account that the ‘Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger’.

Siemens Ltd shares hit a fresh 52-week high of ₹4,245 per piece on BSE on Monday after the company announced that its promoters have requested the Board of Directors to consider a potential demerger of Siemens’ energy business into a separate entity.

The promoters of Siemens include Siemens Aktiengesellschaft, Germany, Siemens International Holding BV and Siemens Energy Holding BV, and Siemens Energy Aktiengesellschaft. They have urged the company’s board to ‘consider and evaluate’ a demerger process for its energy business, the company said in a filing to the stock exchanges.

The company informed the bourses that its Board of Directors have taken a note of the authorised request by the management regarding the examination of a potential demerger of the company’s energy business at the Board meeting held on December 18, 2023, which shall be subject to further consideration and deliberation.

At the meeting held on Monday, Siemens’ Board of Directors approved to immediately incorporate a wholly owned subsidiary in Mumbai, on account that the ‘Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger’.

Siemens has a market capitalisation of ₹1,47,718 crore, and its shares have given healthy returns of 47% so far in the year 2023. In a month’s period, the company’s shares have witnessed a double-digit growth of over 16%.

The technology stock has increased sharply by an impressive 170% over the past three years, and by 44% in one year.

The shares of Siemens Ltd ended close to 6% higher at ₹4,138 per piece on Monday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

Stocks to Watch: Wipro, Zomato, Tata Power, Aster DM Healthcare, Siemens, PCBL and more

stock split
Aster DM Healthcare, stocks to watch, top stocks
Aster DM Healthcare | Corporate hospital chain announced that its subsidiary, Affinity Holdings Private Ltd, is set to divest its stake in Aster DM Health FZC to Alpha GCC Holdings for $1.01 billion. The consideration for this deal amounts to $1.01 billion, with $903 million, subject to customary adjustments, payable at closing.
Zomato, stocks to watch, top stocks
Zomato | China-based Alipay will sell 29.6 crore shares of the Indian food delivery aggregator through block deals, sou+rces have told CNBC-TV18. The people in the know also said that there will be a lock-in period of 90 days. Alipay is set to raise $395 million or ₹3,290 crore by selling shares of Zomato at ₹111.28 apiece, sources said.
Siemens, stocks to watch, top stocks
Siemens | Engineering and automation major reported a 49.8% year-on-year jump in net profit at ₹571.6 crore for the fourth quarter that ended September 30, 2023. The company follows the October-September financial year. The company’s revenue from operations increased 24.7% to ₹5,807.7 crore against ₹4,657.1 crore in the corresponding period of the preceding fiscal.
PCBL, stocks to watch, top stocks
PCBL | The board of directors of the company have given green light for the acquisition of 100% of the issued and paid-up share capital of Aquapharm Chemicals Private Ltd for ₹3,800 crore. The in-principle approval involves the purchase of 212,172 shares of ACPL at an aggregate consideration of ₹3,800 crore, subject to agreed adjustments.
Canara Bank, stocks to watch, top stocks
Canara Bank | The state-owned bank said it has received Reserve Bank of India’s (RBI) approval to sell its stake in its factoring subsidiary. Canara Bank holds 70% of its unlisted subsidiary, Canbank Factors Ltd. The bank is exploring/evaluating the procedures with regard to the same, Canara Bank said in a regulatory filing.
 Tata Power, stocks to watch, top stocks
Tata Power | The company on said its subsidiary Tata Power Renewable Energy has clinched a letter of award for a 200-MW firm and dispatchable renewable energy project in collaboration with SJVN. The project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours, thereby contributing to grid stability.
Wipro, stocks to watch, top stocks
Wipro | The IT major said it has launched its continuous compliance solution built on Amazon Security Lake in collaboration with Amazon Web Services (AWS). Amazon Security Lake automatically centralises an organisation’s security data from across their AWS environments, SaaS providers, on-premises environments, and cloud sources into a purpose-built data lake.
 5 Minutes Read

Siemens Q4 Results | Company declares dividend of ₹10/share as net profit surges 50%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Meanwhile, Dr Daniel Spindler has resigned as CFO of the company with effect from February 29, 2024. Shares of Siemens Ltd ended at ₹3,652.90, up by ₹25.15, or 0.69%, on the BSE.

Engineering and automation major Siemens Ltd on Tuesday (November 28) reported a 49.8% year-on-year (YoY) jump in net profit at ₹571.6 crore for the fourth quarter that ended September 30, 2023.

The company follows the October-September financial year. In the corresponding quarter last year, Siemens posted a net profit of ₹381.7 crore, the company said in a regulatory filing. The company’s revenue from operations increased 24.7% to ₹5,807.7 crore against ₹4,657.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 35.7% to ₹700.2 crore in the second quarter of this fiscal over ₹515.9 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 12.1% in the reporting quarter  compared to 11.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Also Read: Bottomline | Gender Abuse and The Need for Spine

The company has recommended a dividend of ₹10 per equity share of ₹2 each (500%) for the financial year ended September 30, 2023. “The dividend, as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting (AGM) of the company, would be paid from Friday, 16th February 2024,” it said.

Dr Daniel Spindler has tendered his resignation as the chief financial officer of the company, with effect from the close of business hours of February 29, 2024. Dr Spindler shall cease to be a director as well as executive director of the company after the ensuing 66th AGM.

The company also approved an investment of around ₹416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium voltage switchgear used in the power distribution sector. The expansion in capacities of both these products will enable the company to meet the growing demand both in India and globally.

Also Read: Mark Mobius says Gen Z is the big reason why companies globally are rushing to India

The board of directors, based on the recommendation of the Nomination and Remuneration Committee and Audit Committee, has recommended the appointment of Wolfgang Wrumnig as executive director and chief financial officer for a period of five years, from March 1, 2024 to March 28, 2029.

For the financial year 2023, Siemens reported an increase of 139% in new orders, a 21% increase in revenue, and a 53% increase in profit after tax over the previous financial year.

The results came after the close of the market hours. Shares of Siemens Ltd ended at ₹3,652.90, up by ₹25.15, or 0.69%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Stocks to Watch: Cipla, Apar Industries, Indian Hotels, NMDC, L&T Finance and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

From Apar Industries’ QIP to Indian Hotels investing in rights issues, here are the stocks to watch out for ahead of Friday’s session

Apar Industries, stocks to watch, top stocks
Apar Industries | Metallurgical and chemical engineering firm on Thursday has initiated a Qualified Institutional Placement (QIP) with an issue size of ₹1,000 crore, sources privy to the developments told CNBC-TV18. The indicative price for the QIP has been set at ₹5,264 per share, which is a 7.4% discount to Thursday’s closing price. The company plans to utilise the proceeds to fund its working capital needs.
Indian Hotels Company results
Indian Hotels | Data of 15 lakh users exposed in the Taj Hotels data breach is available to buy on the dark net. An Indian Hotels spokes person said that they have been made aware of someone claiming possession of a limited customer data set which is non-sensitive in nature and that they continue to monitor their systems.
Cipla, stocks to watch, top stocks
Cipla | In response to the USFDA warning letter for its Pithampur unit, the drugmaker on Thursday said that it preceives no material risk to its existing commercial product portfolio. It further said that the company is in the process of executing its de-risking plan for its new products and simultaneously address the observations expeditiously. Cipla is in process of submitting the requisite response to the warning letter within the stipulated timelines.
IHCL, stocks to watch, top stocks
Indian Hotels | The Tata Group hospitality firm on Thursday said it has invested ₹55 crore in Genness Hospitality and ₹35 crore in Qurio Hospitality via a rights issue. Genness Hospitality, incorporated on February 1, 2022, for a greenfield project (Vivanta Hotel) in Ekta Nagar, Gujarat, is presently under development.
jsw steel, jsw, jsw usa, jsw steel usa, jsw steel, ohio rail development commission, ordc, ordc jsw steel usa, jsw steel ordc, jsw steel ordc assistance, jsw steel projects,
JSW Steel | The Sajjan Jindal-led company on Thursday said the company has successfully completed its approved strategic investment of ₹750 crore in JSW Paints Private Ltd. JSW Steel now holds 12.84% stake in JSW Paints.
Lupin | Received approval from the United States Food and Drug Administration for its Abbreviated New Drug Application concerning Bromfenac Ophthalmic Solution, 0.07%. This approval positions Lupin as the exclusive first-to-file entity for this generic equivalent of Bausch & Lomb Inc’s Prolensa Ophthalmic Solution, 0.07%.
PFC | Plans to raise 3,500 crore via unsecured, redeemable, non-convertible, non-cumulative, taxable bonds in the nature of debenture series 234. The bonds are rated AAA / Stable by CRISIL, ICRA and CARE Ratings. The bonds will have a face value of 1 lakh apiece.
NMDC | Lump ore prices fixed at 5,400 per tonne, while fines prices fixed at 4,660 per tonne. CNBC-TV18 had earlier reported about price hikes taking effect from Thursday.
L&T Finance Holdings | ADB to provide its first loan to the L&T ecosystem in the form a long-term loan worth $125 million to L&T Finance. L&T Finance to deploy the funds to support financing in rural and peri-urban areas in India particularly for women borrowers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Siemens faces ₹24 crore service tax demand, plans legal challenge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shares of Siemens Ltd ended at ₹3,629.95, down by ₹82.50, or 2.33% on the BSE.

Global technology and manufacturing conglomerate Siemens Ltd on Thursday (November 23) said the company received a service tax demand notice amounting to ₹24 crore from the Commissioner, CGST & Central Excise, Belapur Commissionerate.

The demand, made under section 73(1) read with section 73(2) of the Finance Act, 1994, alleges a shortfall in service tax payments during FY2008-09, FY 2010-11, and FY 2011-12, the company said in a regulatory filing.

The order also specifies the imposition of interest under section 75 of the Finance Act, 1944, along with a penalty of ₹24 crore under section 78 of the Finance Act, 1994.

The alleged discrepancy revolves around the underpayment of service tax, related to the variance in values disclosed in financial statements compared to service tax returns.

Also Read: BSE and NSE each fine IRCTC ₹5.4 lakh for missing independent director quota in Q2

Siemens, in response, is diligently reviewing the order and has expressed its intent to pursue appropriate legal remedies to contest the demand. The company asserts that it does not anticipate any material financial impact resulting from this order.

The direction from the commissioner was received by Siemens on November 13, 2023. The company has cited the delay in disclosure as unintentional, attributing it to an oversight promptly rectified once brought to the attention of the appropriate company executives.

Shares of Siemens Ltd ended at ₹3,629.95, down by ₹82.50, or 2.33% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Siemens AG to acquire 18% stake in Siemens India for €2.1 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Siemens and Siemens Energy have agreed to propose to the board of Siemens India a demerger of the energy business, which, according to the companies, is likely to be completed by 2025.

Siemens AG intends to enter into a share purchase agreement with Siemens Energy to acquire an 18% stake in Siemens India Ltd. The purchase consideration for the transaction is €2.1 billion, a statement from the company said.

The purchase price reflects a customary discount of 15% on the five-trading-days volume weighted average price before the day of the signing. Siemens will also provide no new guarantees to Siemens Energy.

Siemens and Siemens Energy have agreed to propose to the board of Siemens India a demerger of the energy business. Siemens Energy will ultimately acquire a controlling stake in the demerged energy business. The demerger is proposed to be completed in 2025, earlier than previously planned.

In an interview with CNBC Network, Siemens Energy CEO Christian Bruch said that India is a “super important market” for both entities. He further said that the way the company operates in India will not change and that they had to untangle Siemens AG and Energy in India. Bruch also said that untangling the business will be a multi-year process.

As of September 30, Siemens International holds a 47.7% stake in Siemens India, along with Siemens Metals, which holds a 3.3% stake. Together, both companies hold a 51% stake in the India entity.

Post the acquisition, the combined stake will rise to 69%, while that of Siemens Energy will fall to 6% from 24% earlier.

Siemens has also agreed with Siemens Energy for indirect financial measures worth €1 billion, to allow third parties to arrange guarantees for Siemens Energy.

The parent will allow Siemens Energy to use its 5% shareholding in Siemens India worth €750 million, as collateral for guarantees. In case the collateral is drawn, the parent has committed to buying up to 5% shares in the India unit for the said amount.

Additionally, Siemens has also granted payment deferrals at market conditions worth €250 million, which will also be used as collateral for guarantees.

“This line serves to secure Siemens Energy’s business development and participation in the German energy transition,” the statement said.

Shares of Siemens India are at the day’s high, up 2.6% at 3,521.15. The stock is up 25% so far in 2023.

(With Inputs From Sudarshan Kumar.)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Siemens Energy is said to weigh sale of Indian stake to Siemens

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Last week, Siemens Energy confirmed it’s in talks with the government about loan guarantees. It’s been seeking backing worth as much as €16 billion for future projects after Siemens indicated it was no longer willing to help

Siemens Energy AG is considering selling a substantial part of its 24% stake in a listed Indian affiliate to former parent Siemens AG as part of efforts to shore up its balance sheet, according to people familiar with the matter.

The German turbine maker may announce the divestment of shares in Mumbai-listed Siemens Ltd. as early as this week, some of the people said, asking not to be identified because the information is private. The shares are currently worth about €3.3 billion ($3.5 billion). Siemens already owns 51% of the Indian business.

At the same time, Siemens is facing pressure from the government to provide loan guarantees that are critical for Siemens Energy to take on future large projects. The government is now discussing a combination of state-backed guarantees for Siemens Energy flanked by guarantees from Siemens, its largest shareholder, according to people familiar with the matter.

Last week, Siemens Energy confirmed it’s in talks with the government about loan guarantees. It’s been seeking backing worth as much as €16 billion for future projects after Siemens indicated it was no longer willing to help

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Siemens challenges GST authority with writ petition over Rs 246 crore tax notice

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shares of Siemens Ltd ended at ₹3,414.25, down by ₹28.25, or 0.82 percent on the BSE.

German engineering and technology conglomerate Siemens India Ltd on Monday (October 23) said it has filed a a writ petition before the Bombay High Court, contesting the Show Cause Notice (SCN) issued under Section 73 of the CGST Act, 2017.

The SCN proposed the levy of GST on the leasehold interest in the land situated in Worli, Mumbai, and the freehold interest in the buildings on the property. The expected implications of the tax and interest associated with this SCN amount to a substantial Rs 245.9 crore.

Also Read: Tata Communications targets 23-25% margin in medium term

The opposing parties in this legal battle include the Ministry of Finance, the Department of Revenue, the State of Maharashtra through the Commissioner of State Tax, the State of Maharashtra through the Department of Registration & Stamps, and the Deputy Commissioner of State Tax from Belapur-502, Raigad Division, Navi Mumbai, who is the authority responsible for issuing the SCN.

The company is legally advised that it has a robust case to present in response to the SCN. The litigation has been filed before the Bombay High Court, the company said,

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

World needs to be prepared for a future with EVs, says Siemens CTO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In a world that is rapidly evolving with technological advancements, the future is set to be dominated by Electric Vehicles (EVs). To shed light on the importance of preparation for this inevitable transition and the role of e-fuels, CNBC-TV18 spoke to Peter Koerte, Chief Tech & Strategy Officer at Siemens. Peter Koerte strongly believes that companies must take proactive steps to invest in decarbonisation efforts if they aim to achieve carbon neutrality by 2030.

In a world that is rapidly evolving with technological advancements, the future is set to be dominated by Electric Vehicles (EVs). To shed light on the importance of preparation for this inevitable transition and the role of e-fuels, CNBC-TV18 spoke to Peter Koerte, Chief Tech & Strategy Officer at Siemens.

Peter Koerte strongly emphasises the need for the world to prepare for a future where Electric Vehicles (EVs) become a norm rather than an exception. EVs represent a significant step towards reducing carbon emissions and mitigating the effects of climate change.

E-fuels, also known as synthetic fuels, have been considered a bridging technology on the path to decarbonisation. These fuels are created by converting renewable energy into liquid or gaseous fuels, which can be used in various applications, including internal combustion engines. However, Koerte raises an important point: the production of e-fuels necessitates a substantial amount of renewable energy and therefore is inefficient.

“There is not much life for internal combustion engines (ICEs). There is a conversation about hydrogen particularly for heavy-duty vehicles such as tractors, trucks etc, but no so much of e-fuels,” Koerte added.

Peter Koerte strongly believes that companies must take proactive steps to invest in decarbonisation efforts if they aim to achieve carbon neutrality by 2030.

Koerte points out that India, with its vast potential and growing economy, is an ideal destination for investment. He highlights that they prefer the railway industry, infrastructure and industrial sector for investment in India.

Watch the accompanying video for the entire conversation

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?