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Tata Group stock tanks 12% in trade today post Q3 results; What should investors do now?
Voltas Share Price
Shares of Voltas, a Tata Group company, dropped 12% on Thursday, hitting an intraday low of Rs 1,298.55 per share, which was just 3.4% shy of its lower circuit limit of Rs 1,254.90 per share on the BSE. The selling pressure followed the company’s announcement of a profit, a reversal from a loss last year, though it still fell short of Bloomberg’s profit estimates.
By around 10:30 AM, Voltas’ stock price was down 11.63% at Rs 1,304.55 per share on the BSE, while the BSE Sensex had risen by 0.47%, reaching 76,889.97. The company’s market capitalization stood at Rs 43,165.57 crore. The stock’s 52-week high was Rs 1,946.20 per share, and its 52-week low was Rs 989.35 per share.
After market hours on Wednesday, Voltas reported a consolidated net profit of Rs 132.13 crore, compared to a loss of Rs 30.41 crore a year earlier. However, this fell short of Bloomberg’s profit estimate of Rs 158.21 crore.
The company’s revenue for the third quarter rose 18.3%, reaching Rs 3,105.11 crore, up from Rs 2,625.72 crore during the same period last year. For the quarter ending December 31, 2024, Voltas reported a total income of Rs 3,164 crore, an 18% increase from Rs 2,684 crore in the previous year. Profit before tax surged 699%, totaling Rs 191 crore, up from Rs 24 crore.
Brokerage Recommendations on Voltas:
Macquire maintained a ‘Neutral’ rating on Voltas with a target price of Rs 1,595 per share. Goldman Sachs continued with ‘Sell’ and cut the target price to Rs 1,400 per share from Rs 1,500.
Investec iterated ‘Hold’ with a target of Rs 1,610 per share. Morgan Stanley reiterated ‘Overweight’ rating with a target of Rs 1,975 per share and ICICI Securities upgraded to ‘Add’ from ‘Hold’ but cut the target price to Rs 1,630 per share from Rs 1,700.
Voltas, an air conditioning and engineering solutions provider, was founded in India in 1954 and is part of the Tata Group. In addition to air conditioners, Voltas also produces and sells air coolers, air purifiers, water dispensers, commercial refrigeration, and air conditioning products.
Over the past year, Voltas shares have risen by 35%, compared to the 7.5% increase in the Sensex.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
