Siemens has rallied to a high of Rs 789, and is now trading 2.6% higher at Rs 785 after the company announced its plans to float its finance arm in India.

Siemens Financial Services (SFS), the international financial services arm of German technology major Siemens AG, will soon begin full-fledged services in India. The company has sought banking regulator Reserve Bank of India's (RBI's) approval to establish a non-banking finance company (NBFC) for the purpose.

The counter has so far seen trades of around 6000-odd shares on the BSE.

Recently, the company had also announced its plan to invest up to Rs 1,200 crore for capacity expansion in Gujarat.