Siemens takes a tumble with pvt sector capex at a virtual standstill
Business operations were hit as its facilities are in containment zones; revenues fell across all segments
Much of the private sector, which had planned capex prior to covid, is cutting back such outlays
Siemens Ltd’s April-June figures were severely disrupted by covid-19, while hope now rests on government orders to boost revenue. The firm, which follows an October to September financial year, saw its revenue plunge 59% in Q3, with private sector capital expenditure virtually at a standstill. The stock is about 28% lower than pre-covid highs. In comparison, the Nifty is now only 7% lower than its February highs.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started