Maintain ‘hold’ on Siemens; SOTP-based TP of Rs 2,156

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Forex gains supported overall ebitda margin: During H1FY21, the company had Rs 500 million as forex gain vs Rs 900 million forex loss in H1FY20. Overall gains on exports due to merchandise from India Scheme (MEIS) had decreased to Rs 200 million in H1FY21 vs Rs 500 million in H1FY20.