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Voltas declines after brokerage rating

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was down 2.97% to Rs 603.75 at 14:34 on on reports that a domestic brokerage house has maintained its neutral rating on the stock with a target price of Rs 580 per share.

Meanwhile, the S&P Sensex was down 191.98 points or 0.59% at 32,610.46.

On the BSE, 26,000 shares were traded on the counter so far as against average daily volumes of 86,913 shares in the past one quarter. The stock had hit a high of Rs 624 and a low of Rs 600 so far during the day. The stock had hit a record high of Rs 653.45 on 29 November 2017 and a 52-week low of Rs 300.40 on 6 December 2016.

The stock had outperformed the market over the past one month till 5 December 2017, advancing 13.56% compared with the Sensex's 2.62% fall. The stock had also outperformed the market over the past one quarter, gaining 19.23% as against the Sensex's 3.12% rise. The scrip had also outperformed the market over the past one year, advancing 104.23% as against the Sensex's 24.49% rise.

The large-cap company has equity capital of Rs 33.09 crore. Face value per share is Rs 1.

According to the brokerage house, Voltas' margins are under pressure as old inventory is now sold out and the company will have to raise prices to factor in higher raw material costs. On the international business, has not picked up any new orders in Qatar. It is also seeing delays in getting material to the site due to the embargo over the last 8-9 months, the brokerage reportedly said.

On a consolidated basis, Voltas' net profit rose 22% to Rs 95.36 crore on 7.7% growth in net sales to Rs 1031.66 crore in Q2 September 2017 over Q2 September 2016.

is an air conditioning company and one of the world's premier engineering solutions providers and project specialists.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 14:30 IST