Page 3 - Air Conditioner Market

Blue Star launches QIP to raise Rs 1,000 cr, floor price at Rs 784.55

Leading cooling products maker Blue Star on Monday launched its qualified institutions placement (QIP) offer with a floor price of Rs 784.55 per equity share to raise Rs 1,000 crore to support its growth plans. The floor price is 2.04 per cent lower than Rs 800, the price on which the scrips of Blue Star closed on BSE on Monday. The Executive Management Committee at its meeting held on Monday considered and approved the issue's opening on September 18, 2023. It also approved "the floor price for the Issue, being Rs 784.55 per Equity Share, based on the pricing formula, as prescribed under the SEBI ICDR Regulations". The equity shares have a face value of Rs 2 each, according to a regulatory filing by the company. Moreover, in accordance with the approval of the shareholders accorded through a special resolution on September 15, 2023, "the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the Issue", it added. A meeting

Voltas reports 19% increase in profit on surge in AC sales in June quarter

Voltas shares closed down 0.98% at 828.55 rupees ahead of the results

India to see LG's highest sales growth globally this year: MD Hong Ju Jeon

LG India will boost localisation of its products by increasing the use of locally produced components from 50% to 70%

Voltas Tamil Nadu facility plan on track, to invest Rs 500 cr for room ACs

The construction of the new manufacturing facility is spread over 150 acres

Market share of inverter-based ACs rises to 77% in FY23: Power ministry

The market share of inverter-based room air-conditioners (ACs) has increased significantly to 77 per cent by 2022-23, an official statement said on Wednesday. The market share of inverter-run ACs was just 1 per cent in 2015-16, the power ministry statement said. "During the eight years from 2015-16 to 2022-23, the market share of the more efficient, variable speed (inverter) RACs (room ACs) increased from 1 per cent to 77 per cent, while that of the fixed speed RAC, reduced from 99 per cent to 23 per cent during the same period," it said. The overall market for room ACs reached 6.6 million units by 2020-21 from 4.7 million units in 2015. The ministry attributed government policies as key drivers for improvement in overall energy efficiency of air-conditioners and accelerated deployment of highly energy-efficient inverter technology. As per the data from the Bureau of Energy Efficiency (BEE), under the Ministry of Power, for split ACs, the overall energy efficiency improvement is

Blue Star aims to corner 15% share in residential AC market by FY25

Blue Star aims to corner around 15 per cent share of the residential air conditioner market in terms of value as the cooling products maker expands its product portfolio and distribution network, its Managing Director B Thiagarajan said on Wednesday. The company is witnessing a pick up in the markets of West and South regions and expects a 20 to 25 per cent volume growth this season. Blue Star, which is launching affordable products targeting the mass premium segment catering to price-sensitive and first-time buyers especially from non-metro towns, has introduced 75 products across the inverter, fix speed and window ACs. "We are aiming for 20 to 25 per growth in volumes in AC business this year," Thiagarajan said at a press meet here. According to him, the company targets to achieve a market share of 15 per cent by FY25 in the room air conditioner segment. The domestic residential AC market is estimated to be around 8 million units and had a double-digit growth last fiscal. Blue S

Will make India our manufacturing hub, triple our exports by 2025: Daikin

In India, Daikin will begin a new plant in August, and it will manufacture air conditioners and compressors

'Eyeing 20% growth in Indian market', says Hitachi's Gurmeet Singh

ACs are not perceived as luxury items anymore, says Gurmeet Singh, chairman & MD, Hitachi Air Conditioning India

Import dependency for AC compressors may fall to 15% by 2027-28

Domestic manufacturing from month-end under PLI scheme to lower dependence from 85%

World's biggest air-conditioner maker Daikin doubles down on India

Daikin Industries Ltd is betting that sales and production in India will eventually make up a bigger part of the company as the nation outpaces global growth

Govt to reopen application window for PLI scheme for white goods

The Cabinet approved the PLI scheme for manufacturing components and sub-assemblies of air conditioners (ACs) and LED lights in April 2021 to bring manufacturing at the centre stage

PLI scheme: Govt reopens application window for AC and LED lights

42 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 4,614 crore, have been provisionally selected as beneficiaries under the PLI scheme for the white goods sector

Budget 2022: Consumer electronics players lament no reduction in GST

Consumer electronics manufacturers were left disappointed on Tuesday as there was no concession or GST rationalisation on smart TVs and other products in the Union Budget 2022-23.

Blue Star net profit jumps two-fold to Rs 31.45 crore in September qtr

Air conditioning and commercial refrigeration firm Blue Star on Thursday reported over two-fold jump in consolidated net profit to Rs 31.45 crore for the second quarter ended September 30

Demand recovery in durables, growth expectations drive rally in Voltas

The company has been able to gain share in cooling products despite strong competitive pressures

Tips to help you buy the right AC for the house and keep cool this summer

Never buy in a hurry, especially with so many brands out there. Check out key features such as humidity control, air purification, and heating ability during winters

Sales of AC, other cooling products again hit by pandemic in peak season

For the second consecutive year, sales of air conditioners (ACs) and refrigerators have been hit during the peak season of April and May due to the localised lockdowns

PLI scheme for air conditioners fails to excite local manufacturers

Lack of incentive for incremental assembly may delay investments

Govt approves Rs 6,238 cr PLI scheme for air-conditioners, LED lights

The government on Wednesday approved a production linked incentive (PLI) scheme for white goods - Air Conditioners and LED Lights - with a budgetary outlay of Rs 6,238 crore

Amber Enterprises soars 10%, hits new high of Rs 3,000 on growth prospects

The ban on imports with refrigerant filled ACs has opened up new opportunities for the domestic manufacturers and for Amber