Buy Voltas, target price Rs 1305: ICICI Direct

ICICI Direct has buy call on Voltas with a target price of Rs 1305. The current market price of Voltas Ltd. is Rs 1234.85.
Time period given by analyst is 3 days when Voltas price can reach defined target.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 40910.59 Crore) operating in Consumer Durables sector.


Voltas Ltd. key Products/Revenue Segments include Electrical Goods, Contract Revenue, Sale of services, Other Operating Revenue and Scrap for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1860.17 Crore, down -30.67 % from last quarter Total Income of Rs 2683.24 Crore and up 36.34 % from last year same quarter Total Income of Rs 1364.34 Crore. Company reported net profit after tax of Rs 153.01 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to continue its positive momentum and head higher towards Rs 1305 levels as it is the 161.8% external retracement of the last two weeks breather (1269 -1190).

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of March 31, 2021, while FIIs held 14.4 per cent, DIIs 37.5 per cent and public and other 17.9 per cent.