Shares of Siemens Ltd rose on Monday after it secured contracts worth Rs 26,000 crore from the Ministry of Railways. The stock was trading at Rs 2,858 on the NSE, up Rs 70.80 or 2.54% by around 10 am.

The US-based multinational has received the “Letter of Reward” after being the lowest bidder for a 9,000 hp electric locomotive project in Dahod, Gujarat.

The company will produce 1,200 electric motors over 11 years. On December 6, the company notified exchanges to be the lowest bidder. Siemens stock is one of two stocks on his list that must be bought in a correction.

According to Trendlyne Data, Siemens stock has outperformed the Nifty50 on a one-year basis. The stock has returned 17% over the period, compared with 5% for the broader Nifty50.

Momentum indicators RSI and MFI suggest mixed trends for the stock. The RSI is 40.9, while the MFI is 76. A number below 30 is considered oversold, and a number above 70 is considered overbought. Of the 16 bullish moving averages, 4 are green, and 12 are red.

The 52-week high for the stock was Rs 3,138, hit on September 15, 2022, while the 52-week low was Rs 2,150, hit on September 9, 2022.