Buy Voltas, target price Rs 750: Dharmesh Shah

Dharmesh Shah of ICICI Securities has given buy rating to Voltas with a target price of Rs 750. The share price moved down by 0.31 per cent from its previous close of Rs 687.90. The stock’s last traded price is Rs 685.30.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 22786.38 Crore) operating in Consumer Durables sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1270.76 Crore, down 38.86 % from last quarter Sales of Rs 2078.39 Crore and down 51.99 % from last year same quarter Sales of Rs 2646.67 Crore. Company reported net profit after tax of Rs 93.45 Crore in latest quarter.


Investment Rationale
Placed at the upper band of the last one month’s consolidation (700-640) and a higher base at the 50 days EMA

Promoter/FII Holdings
Promoters held 30.3 per cent stake in the company as of June 30, 2020, while FIIs held 10.7 per cent, DIIs 39.3 per cent and public and others 19.7 per cent.