India's Voltas hits record high after Q1 profit rises

Voltas

12/08/2024 05:10

** Shares of Voltas Ltd  VOLT.NS  rise as much as 9.4% to a
record high of 1,563 rupees 
    ** Air conditioner maker reported an over two-fold rise in
Q1 consol profit to 3.34 bln rupees (nearly $40 mln), helped by
higher demand for its cooling products
    ** Consol rev grew 47% y/y, unitary cooling product segment
rev grew 51.2% y/y
    ** Stock on track to snap two days of losses
    ** More than 4.1 mln shares traded as of 9:35 a.m. IST, 4x
their 30-day moving avg
    ** Mean rating of 34 brokerages rating the stock is "hold";
their median PT is 1,400 rupees - LSEG data
    ** VOLT last up 7%, adding to YTD gains of 56.5% so far

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))