Voltas sheds 3% as CLSA maintains sell; 17% downside expected

 

shed 3 percent intraday Thursday as broking house CLSA maintained its sell call on the company.

It kept a target at Rs 500 per share, which is 17 percent lower than the current market price.

According to CLSA, Voltbek JV is seeing a good response, also there is reduction in AC inventory as demand from South India is improving.

The Voltbek JV products are now leveraging 85 percent of company’s distribution network. Meanwhile, refrigerators and washing machines will be the focus segments for the JV, it added.

The company’s projects business is seeing steady performance, while currency appreciation could impact margin going ahead, CLSA said further.

At 10:52 hrs, Voltas was quoting at Rs 605.35, down Rs 13.10, or 2.12 percent on the BSE.

The stock touched its 52-week high Rs 664.60 and 52-week low Rs 471 on 23 April, 2018 and 08 October, 2018, respectively.
Currently, it is trading 8.92 percent below its 52-week high and 28.52 percent above its 52-week low.

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