Voltas may test Rs 348, says Pankaj Pandey

Pankaj Pandey, Head of Research at ICICIdirect told CNBC-TV18, "Air-conditioner is one of the segments wherein we would expect that from about 3 million units -- we would expect this segment to brought about 1.5 times to about 4.6 million units by 2020. Voltas has got about 20 percent market share and we would expect the contribution from this particular segment to improve to about 44 percent going forward. If you look at this particular business, it has got a high ROC of more than 40 percent. So we would like to believe that the AC segment would drive the growth in Voltas which is why we have a target price of Rs 348."

At 14:24 hrs Voltas was quoting at Rs 229.80, down Rs 7.05, or 2.98 percent. It has touched an intraday high of Rs 238.85 and an intraday low of Rs 227.20.