Siemens share price rallied 10 percent to its 52-week high after the company posted a 90 percent rise in its net profit for the March quarter. The consolidated net profit of the company stood at Rs 334.4 crore in the quarter under review as against Rs 175.7 crore in the year-ago quarter on the back of higher revenue.
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On the back of that, Jefferies has upgraded the stock to ‘outperform’. They have also upgraded the price target to Rs 2,500 from Rs 1,320. Jefferies also upped the FY21 to FY23 EPS by 8-16 percent reflecting better revenues as well as margins going forward.Watch the video for more.