Shares of air-conditioner makers rally up to 7% amid heat wave alert

Analyst at Jefferies believes FY24E should see both Air-Conditioner (AC) and Engineering segments of Voltas being in a sweet spot.

Shares of household appliances companies mainly engaged in air-conditioner (AC) business were in focus on expectations of improvement in volume as India Meteorological Department (IMD) recently issued the first heat wave alert of 2023.

Johnson Controls-Hitachi Air Conditioning India surged 7 per cent to Rs 1,286, IFB Industries rallied 5 per cent, Voltas and Blue Star gained 4 per cent each and Symphony was up 3 per cent on the BSE in Wednesday’s intra-day trade. In comparison, the S&P BSE Sensex was down 0.82 per cent at 60,174 at 10:22 AM.

The fast moving electric goods (FMEG) companies