Voltas falls as Q4 profit melts

Reuters May 10 | Updated on May 10, 2019 Published on May 10, 2019

Air conditioner manufacturer Voltas Ltd on Friday fell as much as 6.3 per cent to ₹537.7, its biggest percentage loss since October 2018. The company's March-quarter consolidated profit fell 27 per cent, reporting weak performance in all three key segments.

Nomura remains sanguine on the revival in the unitary cooling products business and sustainability of a turnaround in the electro-mechanical project business. It is “neutral” and maintains a target price at ₹655.

Over 4.7 million shares change hands in first half hour of trade, compared with 30-day average volume of 1.3 million shares. The stock is at its lowest level since February 27.

Meanwhile, the shares are up 3.7 per cent this year, while peers Blue Star Ltd is higher by 22.5 per cent, while Whirlpool Of India has fallen 4 per cent as of last close.

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Published on May 10, 2019
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