Voltas share price: Buy Voltas, target price Rs 775: ICICI Direct

ICICI Direct has given buy rating to Voltas with a target price of Rs 775. The share price moved down by 1.61 per cent from its previous close of Rs 700.65. The stock’s last traded price is Rs 689.35.

Voltas Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 22847.59 Crore) operating in Consumer Durables sector.

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. The Company reported net profit after tax of Rs 93.45 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to continue with its current up move and test levels of Rs 775 in the coming sessions as it is the 161.8% extension of the previous up move Rs 625 to Rs 713 as projected from the recent low Rs 640 signalling upside towards Rs 775 levels.

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.

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