Schneider Electric snaps four day losing streak

Schneider Electric Infrastructure rose 2.93% to Rs 79, ending its four days losing streak.

The stock lost nearly 10% in last four trading sessions to end at Rs 76.75 on Wednesday (9 September) from its previous closing high of Rs 85.20 hit on 3 September 2020.

Schneider Electric in its AGM yesterday approved the appointment of Namrata Kaul as independent director of the company for a term of three years effective from 6 November 2019 till 5 November 2022. The company also approved the appointment of Arnab Roy as whole-time director of the company for a term of three years with effect from 16 June 2020 till 15 June 2023.

The company also informed that Mayank Holani has taken the post of chief financial officer (CFO) of the company from 9 September 2020 in place of Arnab Roy who ceased to be the CFO from close of business hours on 8 September 2020.

Schneider Electric has gained 36% from its 52-week low of Rs 58 hit on 24 March 2020. The stock hit a 52-week high of Rs 113.90 on 11 February 2020.

Schneider Electric reported a net loss of Rs 29.35 crore in Q1 June 2020, higher than the net loss of Rs 9.95 crore reported in Q1 June 2019. Net sales declined 41.8% to Rs 208 crore in Q1 June 2020 over Q1 June 2019.

Schneider Electric Infrastructure is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution.

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