Voltas gave investors more than a reason to cheer. On Tuesday, not only did it post stellar results for the March quarter (Q4) but also announced the formation of a joint venture (JV) with Turkey-based Ardutch to launch a host of consumer durables products. While Voltas has maintained a lead in the domestic air-conditioners (AC) market despite stiff competition, investors have always felt it needed to diversify into other products. The JV, analysts believe, is a step in that direction and channels the company’s cash kitty in productive avenues. They say the expansion opens up new growth opportunities. Credit Suisse upgraded the stock to ‘outperform’ after its results, citing stronger sales and margins. All this pushed up the stock to a new 52-week high of Rs 451.25 in Wednesday’s trade.
via Street happy with Voltas’ move into white goods | Business Standard Financial X-Ray
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