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Why Voltas, Blue Star shares rose up to 5% in early trade

Blue Star share rose 5.18% to Rs 644 against previous close of Rs 613 on BSE

twitter-logoBusinessToday.In | October 16, 2020 | Updated 12:13 IST
Voltas, Bluestar shares rise up to 5% after import of air conditioners with refrigerants banned
Stock of Voltas Ltd gained up to 4.31% to Rs 701 against previous close of Rs 672 in early trade.

Shares of  Voltas and Blue Star rose up to 4% in early trade today after government banned import of air conditioners with refrigerants. The move aims to boost domestic production.  

Stock of Voltas Ltd gained up to 4.31% to Rs 701 against previous close of Rs 672 in early trade.  Voltas share opened with a gain of 2.33% at Rs 688 on BSE.

The stock touched an intraday high of Rs 701.25, rising 4.29%.

Voltas stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 2.91% in one year and risen 4.66% since the beginning of this year.

Total 2.50 lakh shares changed hands amounting to turnover of Rs  17.30 crore.

Similarly, share of another AC manufacturer Blue Star rose 5.18% to Rs 644 against previous close of Rs 613 on BSE.

Setback for China! India bans import of air conditioners with refrigerants

Blue Star Stock opened with a gain of 2.6% at Rs 629 today. Blue Star share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Total 9197 shares changed hands amounting to turnover of Rs 58.52 lakh on BSE. Market cap of the firm rose to Rs 6179 crore. The stock has lost 21% in one year and  fallen 24.42% since the beginning of this year.

In a notification issued by the Director-General of Foreign Trade (DGFT) on Thursday, split system and others ACs with refrigerants have been moved from "free" to "prohibited" category. The notification states that only the import of air conditioners with refrigerants is prohibited.

The import ban has been issued with the approval of Minister of Commerce & Industry Piyush Goyal. Earlier, the government, as part of its Atma Nirbhar Bharat campaign, banned agarbattis, tyres, TV sets to regulate the entry of non-essential goods in India.

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