India's Voltas jumps after UBS ups rating to 'buy', doubles PT

Bosch Home Comfort India

22/04/2024 06:13

** Air conditioner maker Voltas  VOLT.NS  up 5% at 1,365
rupees, top gainer on Nifty mid-cap 100 index  .NIFMDCP100   
    ** UBS upgrades VOLT to "buy" from "neutral", raises PT by
103.4% to Street-high of 1,800 rupees on potential market share
gains of 23% in FY26 vs 19% by Dec-end 2023
    ** Says VOLT has reworked its supply chain in room air
conditioner (RAC) segment to reduce costs
    ** Adds new entrants will find it difficult to lower costs
to match co, leading industry into early phases of consolidation
and market share gains for VOLT 
    ** VOLT, however, only air conditioner maker with avg
analyst rating of "hold", median PT 1,101 rupees - LSEG 
    ** Rivals Havells  HVEL.NS  and Blue Star  BLUS.NS  rated
"buy", while Johnson Controls-Hitachi Air Conditioning India
 JCHA.NS  has "sell" - LSEG 
    ** VOLT up 38.4% YTD vs mid-cap index's 10.5% rise 
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))