Voltas shares surge over 6% as UBS doubles price target. Here's why - Hindustan Times
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Voltas shares surge over 6% as UBS doubles price target. Here's why

Apr 22, 2024 12:17 PM IST

Voltas share price: UBS upgraded the stock recommendation to 'buy' from 'neutral' citing robust growth prospects.

Voltas share price: The shares of Voltas Limited rose over 6 percent today (April 22) to reach 1,389. This comes after UBS upgraded the stock recommendation to 'buy' from 'neutral' citing robust growth prospects. Additionally, the brokerage more than doubled the price target from 885 to 1,800 seeing a huge upside potential of over 38 per cent of 1,300. The company will 'surprise' on market share in the room air-conditioner segment, the brokerage noted, adding that broader market share of the company is also likely to rise to 23 per cent in FY26.

Voltas share price: The brokerage noted that Voltas' joint venture (JV) with Turkey’s Arcelik is expected to boost the market share and profitability.
Voltas share price: The brokerage noted that Voltas' joint venture (JV) with Turkey’s Arcelik is expected to boost the market share and profitability.

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The brokerage noted that Voltas' joint venture (JV) with Turkey’s Arcelik is expected to boost the market share and profitability.

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It said, “We expect an incremental revenue growth of 10,000 crore, a 60 percent of FY27 revenue in consumer electronics.”

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Voltas and Arecelik set up a $100-million joint venture in 2017 with the aim to target country’s consumer durables market. The joint venture- Voiltbek- makes refrigerators, washing machines, microwaves and various domestic appliances in India and both the companies hold 49 per cent in the joint venture.

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