Voltas hits record high after strong quarterly earnings

Voltas surged 9.41% to Rs 448.30 at 10:12 IST on BSE after consolidated net profit rose 22.1% to Rs 200.47 crore on 8.5% growth in net sales to Rs 1998.31 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 105.85 points or 0.35% at 30,471.10.

On the BSE, 7.39 lakh shares were traded on the counter so far as against the average daily volumes of 1.15 lakh shares in the past one quarter. The stock had hit a high of Rs 451.25 so far during the day, which is a record high. The stock hit a low of Rs 421.40 so far during the day.

The stock had hit a 52-week low of Rs 287 on 22 November 2016. It had underperformed the market over the past one month till 23 May 2017, sliding 1.12% compared with the Sensex's 3.41% rise. The scrip had, however, outperformed the market over the past one quarter, advancing 14.84% as against the Sensex's 5.1% rise.

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

Voltas' board at its meeting held yesterday, 23 May 2017, approved a proposal to enter into a joint venture arrangement with Arcelik A.S., a company incorporated in Istanbul, Turkey, for establishing a joint venture company (JVC), to tap the fast growing consumer durables market in India. The proposed JVC, subject to certain closing conditions, would be engaged in the business of refrigerators, washing machines, microwaves and other white goods/domestic appliances in India.

Voltas' board recommended a dividend of Rs 3.50 per share for the year ended 31 March 2017.

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

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