Siemens shares up 3% on India plans

MUMBAI: Shares of Siemens India gained over 3% Wednesday, with the parent company planning to double business in India in the next three years by increasing domestic business, stepping up exports and augmenting outsourcing.

At 10:31 am, the Siemens India share rose 3.3% to Rs 1,165.10. So far today, the stock has seen a high of Rs 1,170 with volume traded at 4,018 against two-week average of 36,598 shares.

With 17 manufacturing plants and 15 companies, Siemens India is a leading infrastructure and industry solutions provider with business volume of Rs 9,000 crore.

The company, however, has no plans to put up more factories in India or to delist from the Indian bourses.

Upbeat on India's economic growth, the company expects areas like public transport, power, infrastructure and healthcare to provide Siemens the needed impetus to grow two-fold in three years.