Demand environment should enable easy absorption of price hikes, says Citi.
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Voltas shares added 4 percent in early trade on March 3 after broking house Citi maintained buy with a target of Rs 794 per share.
IMD’s March-May forecasts suggest average temperature is expected to be warmer than usual.
As per reports, AC companies have taken 3-5% price hike across models, said Citi. Demand environment should enable easy absorption of price hikes, it added.
At 09:24 hrs, Voltas was quoting at Rs 687.65, up Rs 24.45, or 3.69 percent on the BSE.
The share touched its 52-week high Rs 740.50 and 52-week low Rs 537.00 on 20 February, 2020 and 10 May, 2019, respectively.
Currently, it is trading 7.14 percent below its 52-week high and 28.05 percent above its 52-week low.Subscribe to Moneycontrol Pro's Annual plan for Rs 399/- for the first year. Use coupon PRO2020 (Available on Web & Android only).
First Published on Mar 3, 2020 09:40 am
