Page 5 - Air Conditioners

AC manufacturer Voltas stock hots up on hopes of a cooler outlook

Manufacturers have also started to stock channels in anticipation of summer demand which may kick in from Q4FY24

AC-maker EPACK Durable IPO subscribed 77% on first day of subscription

The Initial Public Offering (IPO) has a fresh issue of Rs 400 crore and an offer-for-sale of up to 1,04,37,047 equity shares. The IPO has a price range of Rs 218-230 a share

EPACK Durable IPO subscribed 77% on first day of listing: NSE data

The initial public offering of EPACK Durable, an outsourced design manufacturer of room air conditioners, got subscribed 77 per cent on the first day of subscription on Friday. The initial share sale received bids for 1,53,54,560 shares, as against 1,99,77,615 shares on offer, as per NSE data. The category for Retail Individual Investors (RIIs) got subscribed 1.17 times while the portion for non-institutional investors attracted 82 per cent subscription. The Qualified Institutional Buyers (QIBs) part got subscribed 1 per cent. The Initial Public Offering (IPO) has a fresh issue of Rs 400 crore and an offer-for-sale of up to 1,04,37,047 equity shares. The IPO has a price range of Rs 218-230 a share. EPACK Durable Ltd on Thursday raised Rs 192 crore from anchor investors. At the upper end of the price band, the public issue is expected to mobilise Rs 640 crore. Proceeds of the fresh issue will be utilised for funding capital expenditure for the setting up of manufacturing faciliti

Indian Navy chief inaugurates CO2-based AC plant at INS Shivaji in Pune

"This is a major step towards meeting the government's commitment to reduce global warming and emission of gases harmful to the environment," he added

Govt relaxes quality control order norms for ACs to enable ease of business

Quality control orders (QCOs) issued by the government aim to not only improve the quality of manufacturing standards but also enhance the brand and value of 'Made in India' products

Pent-up demand fuels Blue Star's air conditioners sales growth by 30%

Robust demand from Tier-III and Tier-V towns spurs growth

AC companies plan cool designs for warming world, but high costs a hurdle

While cooling technologies can save lives during deadly heat, they also threaten to worsen the climate crisis

Disbursal of Rs 79 cr under PLI for white goods expected in last quarter

The government is expected to disburse Rs 79 crore fiscal incentives under PLI for white goods in the last quarter of this financial year as certain selected beneficiary firms have started production, a senior official said. The production linked incentive (PLI) scheme on white goods seeks to encourage domestic manufacturing of air conditioners and LED light components. The official also said that the target of Rs 11,000 crore incentive disbursement for different sectors under the scheme during the current fiscal may fall short. "Lot of the disbursement will come in the last fiscal. Lot of projects are in gestation period. In the white goods sector, we are expecting about Rs 79 crore disbursement in the last quarter," the official said. Of the 64 selected beneficiaries of the PLI scheme under the white goods segment, 15 have started production. These 15 beneficiaries had opted for a gestation period of up to March 31, 2022. Rest of the beneficiaries who opted for gestation period o

At 1.1 bn, Amazon records highest ever visits in Great Indian Festival 2023

Great Indian Festival 2023: The e-commerce giant also said that in the premium segment, it sold 2.5X more smartphones as compared to last year

India's power demand for ACs to exceed total consumption of Africa: IEA

India's demand for electricity for running household air conditioners is estimated to expand nine-fold by 2050 and will exceed total power consumption in the whole of Africa today, the International Energy Agency (IEA) said on Tuesday. In its latest World Energy Outlook, IEA said India will see the largest energy demand growth of any country or region in the world over the next three decades. It projected India's energy supply to rise from 42 exajoules (EJ) in 2022 to 53.7 EJ in 2030 and 73 EJ in 2050 under stated policies scenarios and 47.6 EJ by 2030 and 60.3 EJ by 2050 as per announced pledges. Oil demand is seen rising from 5.2 million barrels per day (bpd) in 2022 to 6.8 million bpd in 2030 and 7.8 million bpd in 2050 under stated policies scenario. Under announced pledges, this demand is seeking 6.2 million bpd in 2030 and 4.7 million bpd in 2050. IEA said over the past five decades, India witnessed over 700 heatwave events, which have claimed over 17,000 lives. Fuelled by it

Voltas working to transform into a full-fledged home appliance maker

Voltas is also reviving its plan to make AC compressors locally in partnership with a South Korean or Japanese firm

Searing temperature fast becoming a threat to global fuel security

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries

10-12% price hike in commercial vehicles likely: Credit rating agency Icra

There are a number of proposed regulatory changes that could further increase the cost of CVs

Govt issues draft notification for air conditioners in truck cabins

The government on Tuesday issued the draft notification mandating installation of air-conditioning systems in the cabins of trucks, a move which will improve working conditions of truck drivers in India. The draft notification seeks to mandate installation of air-conditioning system in cabins of motor vehicles belonging to categories N2 and N3, manufactured from January 1, 2025 onwards. "The performance testing of the cabin fitted with air-conditioning system shall be as per IS 14618: 2022, as amended from time to time," the notification dated July 10 said. The Ministry of Road, Transport and Highways has also asked for comments/ suggestions from stakeholders within 30 days from the date of notification. On July 6, Union minister Nitin Gadkari had announced the draft notification to mandate the installation of air-conditioning systems in the cabins of trucks being approved. "Approved the draft notification to mandate the installation of air-conditioning systems in the cabins of tr

India's room AC market likely to touch $5 billion by FY28: Voltas

The Indian room air conditioner market is likely to reach USD 5 billion by FY28 with a compound annual growth rate (CAGR) of 10 per cent, according to Tata group firm Voltas. The company expects to be at the forefront of this growth. Voltas, an industry leader in the segment with a market share of 21.6 per cent in FY23, remains "very optimistic" about the room air conditioner business and is investing in augmenting its capacity, the company said in its latest annual report. It will reap the benefits of the growth drivers, including hotter summers, rising disposable incomes and aspiration for a better lifestyle. "Easy access to consumer finance has provided a much-needed boost to this category and will continue to do so in the future," it said. "The Indian room air conditioner market is expected to reach USD 5 billion by 2027-28, with a CAGR of ~10 per cent. Voltas, being the industry leader with a market share of 21.6 per cent (2022-23) in this segment, is expected to be at the ..

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%

Air conditioning in India can raise emissions by 120 mn tonnes by 2050

The increasing use of air conditioners in India could lead to a rise in emissions by as much as 120 million metric tonnes by 2050, according to a study. The research, published in the journal Scientific Reports, is the first to illustrate the impacts of climate change on the demand for air conditioners and electricity for cooling in Europe and India. Between now and 2050, with the current fuel mix, there is a risk of a mismatch between what is done for adaptation and mitigation, with increased emissions as a result, the researchers said. The rush to buy new air conditioners in the residential sector and the resulting increased use of electricity associated will characterise both relatively richer but more temperate European countries, and relatively poorer but warmer Indian states, they said. The study estimates that by 2050, under an over 2-3 degrees Celsius warming forecast, air-conditioning uptake could double in Europe and grow fourfold in India, reaching about 40 per cent of .

Hitachi loses position among top-three selling air conditioner brands

From 2020-21, Johnson Controls-Hitachi Air Conditioning India has seen its profits shrink year-on-year and the firm went into losses in 2022-23

Billion new ACs will save lives from soaring temps but will cook the planet

But expanding AC coverage too quickly also threatens to worsen the crisis it's responding to. Most units use a refrigerant that's far more damaging than carbon dioxide

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