Page 3 - Blue Star

Tailwind ahead for consumer durables sector during festival season

There are hopes of better offtake and margin gains

Blue Star surges 15%, hits record high on launch of Rs 1,000 cr QIP issue

The company proposed to raise around Rs 1,000 crore at a floor price of Rs 784.55 per equity share.

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

Blue Star Q1 profit rises over 12% on robust sales, revenue up 12.6%

BENGALURU (Reuters) - Indian air conditioner maker Blue Star on Thursday reported an over-12% rise in first-quarter profit, as a warmer summer led to a rise in sale of air conditioners

Untimely rains dent summer sales; to keep durable stocks in check: Analysts

Analysts expect the stocks to remain weak in the near-term as lower sales offtake will lead to companies missing their earnings estimates for the April-June quarter (Q1FY24)

Option for arbitration in agreement not binding on parties: HC observation

Court ruling relates to dispute between two parties over non-payment of invoices for operation and maintenance

As the mercury soars, hiring of temp workers for cooling products rises too

This is despite the relatively late onset of summers thanks to the unexpected rains in March and April in North India

Blue Star targeting to double exports within 3 years, says top official

Blue Star Ltd is targeting to double its exports within three years as the company looks to expand its international footprint. Blue Star Managing Director B Thiagarajan said the company's exports are worth around Rs 800 crore at present and would like to double these within three years. According to Thiagarajan, the company is going to expand its international footprint. "We were only in the Middle East (earlier). This year, we have opened an office in the US, Japan, and Europe. So, we want to enter these markets," he said. "You know China plus one strategy. People want to look at India other than China. Under that, we are exploring these markets. Today, we do exports of around Rs 800 crore, we would like to double it within three years," Thiagarajan told PTI here. The AC market in the US and Europe is very big compared with India, he noted. This year, the company has also bagged a "major order from Bengaluru metro, worth more than Rs 500 crore", he added. On the company's plan

Blue Star targets to achieve 15% market share by FY25 in room AC segment

Blue Star Ltd is targeting to achieve a market share of 15 per cent by FY2025 in room air conditioners segment, according to company's Managing Director B Thiagarajan. The air-conditioning and commercial refrigeration major is also targeting to sell one million units this year as against over 8 lakh last year. They are targeting a market share of 15 per cent from present 13.5 per cent, Thiagarajan said here on Tuesday. Blue Star is also eyeing a good growth from the north Indian markets, including Punjab and Jammu and Kashmir. In J&K, the company commands a market share of 14 per cent, he said. He was interacting with reporters here after unveiling Blue Star Ltd's comprehensive range of air conditioners, including "best-in-class affordable" range and a "flagship premium" range, for the summer season. Overall, the company has launched nearly 75 models across the spectrum of inverter, fixed speed and window air conditioners, and across price points to cater to every consumer ...

Unlikely weather in the north hits AC, ice cream, soft drink business

Manufacturers are worried as they have large stocks in place and due to lower demand the inventory of dealers is also rising

Blue Star rallies 5% on 1:1 bonus plan; 3-fold jump in Q4 net

The company's net profit jumped to Rs 225 crore in Q4FY23 from Rs 76 crore a year ago, aided by profit from sale of freehold land.

Blue Star posts 3-fold jump in Q4 profit to Rs 225 cr, revenue from ops up

Air conditioning and commercial refrigeration firm Blue Star Ltd on Thursday reported nearly three-fold rise in consolidated net profit at Rs 225.29 crore in the fourth quarter ended March 31, 2023, aided by profit on sale of freehold land. The company had posted a consolidated net profit of Rs 76.27 crore in the same quarter previous fiscal, Blue Star Ltd said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 2,623.83 crore as compared to Rs 2,254.21 crore in the year-ago period, it added. During the quarter, the company said it had registered Rs 170.81 crore profit on sale of freehold land, which was classified as asset held for sale in the previous year, and the same has been reported as an exceptional item. Total expenses in the fourth quarter were higher at Rs 2,485.45 crore as compared to Rs 2,147.24 crore in the same period a year ago. For the fiscal ended March 31, 2023, consolidated net profit was at Rs 400.69 crore a

Blue Star jumps 5% on plans of bonus shares; board meet on May 04

The company will also announce its March quarter and FY23 earnings on Thursday.

Blue Star board to consider proposal for issuance of bonus shares on May 4

The company is scheduled to announce its earnings for the March quarter on Thursday

Voltas Q4 profit slumps 21% on provisions over contract terminations

Voltas, which competes with Blue Star, made provisions of 2.44 billion rupees during the quarter due to the termination of some contracts in Dubai and Qatar last year

Analysts see more upside in consumer appliance stocks as temperatures soar

White goods stocks: With the mercury currently on the boil, analysts remain bullish on the sector as they see more upside over the near-term and advise investors to pick stocks selectively

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

Ahead of searing summer, analysts bet on consumer appliance stocks

Analysts expect a rise in demand for air conditioners, coolers, fans and refrigerators to help related companies clock firm sales following the post-Diwali slump due to inflationary pressures

Shares of air-conditioner makers rally up to 7% amid heat wave alert

Analyst at Jefferies believes FY24E should see both Air-Conditioner (AC) and Engineering segments of Voltas being in a sweet spot.

M&M Finance, Blue Star: Trading strategies for 5 highly overbought stocks

Mahindra & Mahindra Financial Services, Sonata Software Limited, and Blue Star may rise up to 10 per cent in the overbought territory of RSI.