Moneycontrol
Nov 13, 2017 11:51 AM IST | Source: Moneycontrol.com

Voltas declines 2%; CLSA maintain sell with target Rs 390

According to CLSA the early festive season drives Q2 AC revenue and margin, but Q3 is likely to remain on slow side.

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Share price of Voltas declined 2.3 percent intraday Monday as CLSA has maintained sell rating on the stock with target price increased to Rs 390 from earlier Rs 366.

According to CLSA the early festive season drives Q2 AC revenue and margin, but Q3 is likely to remain on slow side.

The new energy efficiency norms effective January 2018 could hike cost by 2 percent.

Not see much improvement in Voltas’ fundamentals, but the stock is scaling new highs on PE bands on domestic liquidity, while FII remain sellers, it added.

Voltas has reported 22 percent jump in its consolidated Q2 net profit to Rs 95 crore against Rs 78 crore in the same quarter last fiscal.

The share touched its 52-week high Rs 591 and 52-week low Rs 305 on 10 November, 2017 and 22 November, 2016, respectively.

Currently, it is trading 4.14 percent below its 52-week high and 85.75 percent above its 52-week low.

At 11:39 hrs Voltas was quoting at Rs 567, down Rs 3.55, or 0.62 percent.

Posted by Rakesh Patil
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