The fact that a General Electric spin-off, GE Vernova, unwittingly assisted its rival's resurrection is even more remarkable. Yet the more investors compare the two electrical power-equipment giants, the more the German firm should benefit.
Spun out of Siemens AG in 2020, Siemens Energy was forced to ask Berlin for financial guarantees in 2023 following quality problems and massive losses at its wind unit. From that nadir, the stock price has since increased around sevenfold as investors bet the wind issues won't require a dilutive recapitalisation and began paying more attention to the company's gas turbine and power-grid activities, which are benefiting from rising electricity demand. This year's 300% price gain exceeds that of any other member of the Stoxx Europe 600 index.
Siemens Energy's stock market debut during the early part of a global pandemic was inauspicious: the gas and power activities appeared to be low-growth and were barely profitable, triggering significant restructuring. Things soon got much worse: In 2022, Siemens Energy agreed to pay €4 billion to purchase the roughly one-third of shares in power subsidiary Siemens Gamesa it didn't already own.
This story is from the December 24, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 24, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
DDF strengthens its Senior Management Team
DF has further strengthened its senior management team with the appointment of eight senior executives across major departments in recent months.
Demerit act by Kohli on Konstas' striking debut
● Indian fined 20% fee for shoulder barge with teenager
Long years of inward-looking policies by govts to blame
Long years of inward-looking policies by govts to blame
China Clears World's Largest Dam in Tibet Near India Border
INFRA PUSH
A weak rupee may jack up import bills
\"THE COST OF imports of oil & gas will increase with a weakening rupee. However, with the decline in oil prices to $70-75 per barrel now, the impact of weakening rupee would be offset,\" said Girishkumar Kadam, senior vice-president & group head - corporate ratings, at Icra.
Dhindsa: Talk less, deliver more
IT IS SUCH attention to detail that's helping Blinkit leave the competition behind by a mile.
Skilled jobs can power urban development
Panellists discussed how cities can boost employability and create enablers for migrant workers to remain invested at the Lucknow edition of IE Thinc: CITIES series, presented by The Indian Express with Omidyar Network India. The session was moderated by Udit Misra, Associate Editor
In a first, EatSure launches multi-restaurant ordering
EATSURE, THE D2C platform of online restaurant company Rebel Foods, on Thursday announced the launch of a new feature allowing users to order from multiple restaurants in one order.
World Looks at India for Youth Power: PM on Veer Bal Diwas
HIGHLIGHTING HOW YOUTH energy has played a significant role in the country's progress, Prime Minister Narendra Modi said on Thursday that the world looks at India with hope and expectation because of its youth power, which is driving new revolutions.
Former PM Manmohan Singh passes away
The correct lead is missing from the extraction.
