Sell Voltas, target price Rs 1120: Chandan Taparia

Chandan Taparia of Motilal Oswal has sell call on Voltas Ltd. with a target price of Rs 1120. The current market price of Voltas Ltd. is Rs 1240.6. Time period given by analyst is Intra Day when Voltas Ltd. price can reach defined target.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 41095.88 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 30-09-2021, the company reported a Consolidated Total Income of Rs 1737.35 Crore, down -6.60 % from last quarter Total Income of Rs 1860.17 Crore and up 5.24 % from last year same quarter Total Income of Rs 1650.80 Crore. Company reported net profit after tax of Rs 123.18 Crore in latest quarter.

Investment Rationale
Lower lows from the last four sessions and formed a bearish candle on weekly frame.

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.