Voltas Ltd Share Price – NSE  /  BSE

Consumer Durables, Small Cap

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 Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.

The company’s consolidated net loss narrowed to Rs 28 crore in Q3 FY24 from Rs 110 crore in Q3 FY23. Total income for the quarter ended 31 December 2023 was higher by 32% at Rs 2,684 crore as compared to Rs 2,036 crore in the corresponding quarter last year.

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The frontline indices marched higher and hit a fresh record high in early afternoon trade. The Nifty scaled above 22,650 mark. Consumer durables shares rallied for the eleventh day in a row.

At 12:27 IST, the barometer index, the S&P BSE Sensex, jumped 494 points or 0.66% to 74,739.91. The Nifty 50 index added 145.05 points or 0.64% to 22,656.70.

The Sensex and Nifty clocked an all-time high of 74,765.1 and 22,663.15 in early afternoon trade. Further, the Nifty Bank index also registered its fresh record high today at 48,668.25.

In the broader market, The S&P BSE Mid-Cap index rose 0.60% and the S&P BSE Small-Cap index added 0.30%.

The market breadth was positive. On the BSE, 2,019 shares rose and 1,757 shares fell. A total of 156 shares were unchanged.

Economy:

India’s foreign exchange reserves increased $2.951 billion to $645.583 billion for the week ended March 29, according to the latest RBI report. This is the sixth consecutive week of a jump in overall reserves.

For the week ended March 29, the foreign currency assets, a major component of the reserves, increased $2.354 billion to $570.618 billion.

Gold reserves increased $673 million to $52.16 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down $73 million to $18.145 billion.

India’s reserve position with the IMF was also down $2 million to $4.66 billion in the reporting week, the apex bank data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 1.32% to 11.49. The Nifty 25 April 2024 futures were trading at 22,731.95, at a premium of 75.25 points as compared with the spot at 22,656.70.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 30.2 lakh contracts at the 22,500 strike price. Maximum Put OI of 44.4 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Consumer Durables gained 1.61% to 33,836.75. The index surged 8.84% in the eleven trading sessions.

Voltas (up 8.65%), Blue Star (up 4.24%), Whirlpool of India (up 3.62%), Amber Enterprises India (up 2.57%), Crompton Greaves Consumer Electricals (up 2.4%), Cera Sanitaryware (up 1.39%), Kajaria Ceramics (up 0.75%), Kalyan Jewellers India (up 0.74%), Havells India (up 0.65%) and V-Guard Industries (up 0.44%) advanced.

On the other hand, Century Plyboards (India) (down 1.41%), Bata India (down 0.35%) and Rajesh Exports (down 0.24%) edged lower.

Voltas surged 8.65% after the company announced that it has achieved the highest-ever sales of 2 million air conditioner (AC) units in the financial year 2023-24.

Amber Enterprises India rallied 2.57% after the firm’s wholly owned subsidiary, AT Railway Sub Systems signed Joint venture (JV) agreement with Yujin Machinery, Sinkodia Pte, Dujin International to form joint venture company.

Stocks in Spotlight:

Godrej Properties (GPL) advanced 6.60% after the company announced that it has sold over 1,050 homes worth over Rs 3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram.

Aurobindo Pharma shed 0.66%. The pharmaceutical company announced that the US drug regulator has concluded its inspection at the new injectable facility in Andhra Pradesh, with three observations.

Godrej Consumer Products rallied 2.79% after it announced that India organic business continued to deliver strong underlying volume growth at high-single digit with growth being broad-based across both home care and personal care.

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The firm said that it recorded the largest ever sales of ACs by any brand in a fiscal year in India, with a volume growth of 35%.

The performance was attributed to a consistent demand for cooling products during the year, coupled with the company’s strong offline and online distribution network, strongest brand equity, and innovative new launches, it added.

“The company registered a significant growth in volume in other cooling productsincluding air cooler and commercial refrigeration products. Voltas Beko, the Home Appliances brand, also registered a volume growth of 52% in Q4 FY24; and also achieved the milestone of close to 2 million home appliances (refrigerators & washing machines) in FY24. Overall, 5 million consumer products got sold to happy customers across the country by Voltas in FY24.” the firm stated in the press release.

Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.

The company’s consolidated net loss narrowed to Rs 28 crore in Q3 FY24 from Rs 110 crore in Q3 FY23. Total income for the quarter ended 31 December 2023 was higher by 32% at Rs 2,684 crore as compared to Rs 2,036 crore in the corresponding quarter last year.

The counter hit a life-time high at Rs 1,373.20 in today’s intraday session.

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Voltas achieved the landmark of highest ever AC sales in FY 2023-24. The Company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%. The performance was attributed to a consistent demand for cooling products during the year, coupled with the company's strong offline and online distribution network, strongest brand equity, and innovative new launches.

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