Voltas shares jump 13% after company reports highest-ever AC sales
Voltas surged 13% on Monday to hit their 52-week high of Rs 1,392 on the NSE after the Tata company reported landmark sales of 20 lakh units of air conditioners in FY 2023-24.
In a filing to the exchanges on Sunday, the company claimed to have become the first ever brand to achieve this milestone in the history of the air conditioning industry in India.
The development triggered strong buying action in the stock with more than 65.50 lakh shares trading on the NSE around 12 pm, with the total traded value at Rs 869.94 crore. The stock rallied for the second session in a row.
Voltas registered a significant volume growth of 72% in AC sales during Q4 FY24.
Consistent demand for cooling products during the year, coupled with the company’s strong offline and online distribution network, strongest brand equity, and innovative new launches helped it achieve this feat, the company claimed in a filing.
The stock is trading above its 50-day and 200-day simple moving averages (SMAs) and with the recent rally, the stock is in a strongly overbought zone. The day's RSI and MFI as reported by Trendlyne stood around 74% and 86%, respectively. A number above 70 is considered to be overbought while below 30 is seen to be oversold.
Voltas has given impressive returns of more than 60% over the past 12 months which is an outperformance over Nifty. The latter has given returns of 28% during this period. In 2024, so far its returns are nearly 37% versus 0.67% by the 50-stock index.
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