Voltas lost 3.38% to Rs 318.50 at 10:46 IST on BSE after a foreign brokerage reportedly downgraded the stock to reduce from buy.
Meanwhile, the BSE Sensex was up 55.76 points, or 0.2%, to 27,700.91
On BSE, so far 1.35 lakh shares were traded in the counter, compared with an average volume of 2.24 lakh shares in the past one quarter.
The stock hit a high of Rs 325.90 and a low of Rs 317 so far during the day. The stock hit a record high of Rs 360 on 23 June 2015. The stock hit a 52-week low of Rs 182.25 on 11 July 2014.
The stock had underperformed the market over the past one month till 29 June 2015, falling 0.99% compared with 0.66% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 20.11% as against Sensex's 0.68% gain.
Also Read
The large-cap company has an equity capital of Rs 33.09 crore. Face value per share is Re 1.
As per reports, the foreign brokerage said that recent dealer checks suggest room AC sales are cooling off and competitors are offering room AC sales with discounts and free installations. This could lead to risk of market share/margin loss for company, the foreign brokerage reportedly said. Recovery in electro-mechanical projects (EMP) segment seemed far off, reports added. The foreign brokerage reportedly cut its FY16-17 EPS estimates on Voltas by 12-16%.
Voltas' consolidated net profit rose 17.6% to Rs 118.04 crore on 2.3% rise in net sales to Rs 1484.09 crore in Q4 March 2015 over Q4 March 2014.
Voltas is air conditioning company and one of the world's premier engineering solutions providers and project specialists. Founded in India in 1954, Voltas offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.
Powered by Capital Market - Live News