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Hot Pursuit News

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(22 Apr 2024, 15:35)

Voltas hits record high after brokerage upgrade

Voltas rose 6.42% to Rs 1384 after a foreign broker upgraded its rating on the stock from 'Neutral' to 'Buy' and raised the target price to Rs 1,800 from Rs 885.

Shares of Voltas hit a record high of Rs 1395 today. The stock has risen 32% in one month and 62% in one year.

The foreign broker expects Voltas to outperform expectations in the room air conditioner segment, capturing a market share of 23% by FY26, exceeding the current consensus estimate of 19.5%.

The broker believes Voltas' joint venture with Turkey's Arcelik, Voltbek, will continue to gain market share and reach profitability by FY26. The JV is expected to significantly contribute to Voltas's consumer electronics segment, generating an incremental revenue of Rs 10,000 crore by FY27, representing 60% of the segment's total revenue in that year.

Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata...

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