Siemens shares surge nearly 9% after brokerages raise price target up to Rs 8,000

Shares of Siemens surged 8.9% on BSE to their new 52-week high at Rs 7,243.60 after brokerages raised their target prices for the stock, among which, Jefferies set the highest target at Rs 8,000.

The company approved a scheme of arrangement, under which the energy business will be demerged into a separate listed company. As per the scheme of arrangement, shareholders will get one share of Siemens Energy for every one share they hold of Siemens.