Voltas rose 2.18% to Rs 117.35 at 11:54 IST on BSE, extending Wednesday's 6.20% rise triggered by a foreign brokerage upgrading the stock to 'buy' from 'sell', citing improvement at unitary cooling and engineering agency divisions.
Shares of Voltas jumped 6.20% to Rs 114.85 on Wednesday, 5 February 2014. The stock has risen 8.51% in two trading sessions from Rs 108.15 on Tuesday, 4 February 2014.
Meanwhile, the BSE Sensex was down 79.58 points, or 0.39%, to 20,181.45.
On BSE, so far 2.99 lakh shares were traded in the counter, compared with an average volume of 4.80 lakh shares in the past one quarter.
The stock hit a high of Rs 118.80 and a low of Rs 115.10 so far during the day. The stock hit a 52-week high of Rs 124.50 on 10 December 2013. The stock hit a 52-week low of Rs 62.70 on 4 September 2013.
The stock had outperformed the market over the past one month till 5 February 2014, rising 0.26% compared with the Sensex's 2.83% fall. The scrip had outperformed the market in past one quarter, rising 23.16% as against Sensex's 3.40% decline.
The mid-cap company has an equity capital of Rs 33.09 crore. Face value per share is Re 1.
The brokerage raised its target price on the Voltas stock to Rs 128 from Rs 84 earlier.
Better-than-expected performance of unitary cooling (UCP) and engineering agency (EA) over the short term more than makes up for delayed recovery of electro-mechanical projects (EMP), the brokerage said in a report on Wednesday, 5 February 2014.
On a consolidated basis, Voltas's net profit fell 19.4% to Rs 61.92 crore on 3.1% decline in net sales to Rs 1114.99 crore in Q3 December 2013 over Q3 December 2012.
Voltas is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists. It 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.
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